Protective cover revenue short term removed by banks because they fear that payments with a value of several thousand tonnes

By Sam Dunn

published: 00:55 GMT, January 9, 2013 | Last updated: 09:42 GMT, January 9, 2013

Deleted: The lid is designed to pay if you miss work by illness or you lose your job

Family of low cost of insurance covering illness or redundancy is removed by the banks and building societies, who fear they will be entangled with thousands of pounds in payments.

The country has pulled the plug on its so-called short term income protection. And Barclays and Barclaycard lowered the curtain on their offerings in November.

Thousands have bought insurance that aims to pay if you miss work by illness or you lose your job.

It works similarly to the discredited payment protection insurance (PPI) - only instead of repaying your debts, it covers your salary.

Cost of policies from 14 to 70 per month - half the price of the full income protection - depending on age and health. They generally offer to pay 60% of your monthly salary for 12 months, instead of until retirement as for total protection.

The money will cover your mortgage or rent so as to contribute to household bills, while you get back on your feet.

During the past two years, this however type coverage was sold at the counter in branches banks and companies building and the insurer more than insurance and brokers as British.

However, given that the short term protection of the competition Commission stressed was just another form of PPP, a number of large companies have begun to pull the plug.

Many fonts included resumption of redundancy and it is understood that the cost of claims began to mount.

Silver Mail includes existing customers Nationwide and Barclays may be able to renew at the end of their current contract, but no new policy will be issued.

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