Payment protection insurance (PPI), also known as credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill or disabled, loses a job/business, or faces other circumstances that may prevent them from earning income to service the debt. It is not to be confused with income protection insurance, which is not specific to a debt but covers any income.

PPI usually covers payments for a finite period (typically 12 months) or more all depend on the portfolio. For loans or mortgages this may be the entire monthly payment, for credit cards it is typically the minimum monthly payment. For Investment Loan this may be the entire investment period. After this point the borrower must find other means to repay the debt, although some policies repay the debt in full if you are unable to return to work or are diagnosed with a critical illness or business failure. The period covered by insurance is typically long enough for most people to start working again and earn enough to service their debt. PPI is different from other types of insurance such as home insurance, in that it can be quite difficult to determine if it is right for a person or not.