PPI (Payment Protection Insurance) Policy ?

[Udaya P.]

Can BP experts educate me on PPI policy ?

How does this work ? Who does this protect ?

How the premium is calculated ?

I am trying to work with private lender and he needs me to buy PPI policy, before funding.

Is this normal for private lenders to require the borrowers to buy PPI policy ?

Any information on PPI policy and private lenders is appreciated.  

Thanks

--uday