PPI has been widely criticised in recent months for failing to provide value for money, only increasing the amount of money that consumers have to pay and not providing sufficient protection in the event of something going wrong.
But the Post Office’s Alan Cook believes that his company’s PPI offering will go some way to restoring the reputation of payment protection.
Speaking on BBC Radio Four’s ‘Money Box’ programme, Mr Cook said: “Many of the products, for example, exclude payment in respect of illnesses around bank-related problems or stress-related problems. Our product will cover those things.
“Another area is that typically there is a 30-day waiting period before you can make a claim, and payments only start from that date. With our policy payments will be back-dated from the first day you were unwell.”