The website, which offers the ability to obtain quotations and submit applications almost instantly online, enables intermediaries to provide younger clients with PPI at much keener prices than available elsewhere and to earn a generous 30% commission for their efforts.

The key to the new pricing structure, which is available for mortgage payment protection insurance, loan payment protection insurance and income payment protection insurance, is that it takes the policyholder’s age into account.

The youngest policyholders can therefore pay as little as £2.15 a month per £100 of monthly cover. Premiums are based on age at outset and do not increase as policyholders grow older.