Insurance Insurance Policy

Ever taken out a loan with payment protection insurance then suddenly realized you wouldn't actually benefit from it? I realise I actually sound like one of those cheap adverts you see on sky in between watching takeshi's castle Anyway if you have you like me and thousands of other people could potentially be in line for some serious payback £. I for one was sold this policy with the assumption if I were to become ill and not be able to work this would protect me but not so as pe-existing medical conditions aren't covered. Facinating stuff then, check it out. Or not. Whatever.