Mortgage Protection Insurance Discussion

dunstonh

Should we take out a policy just for the extra borrowing for now (and take out a further policy in 2031) or should we take out a new policy for £456 to 2038?

What if you become uninsurable by 2031 (or 38)? Even if not uninsurable, your health could be an issue and result in higher premiums.

If you are in good health now, then you should change it now.

Vera_Stanhope

We are in the process of claiming on our MPPI policy and the insurer is saying that the deferred period of 60 days goes from start of Jobseeker's Allowance being claimed. Is this normal? We have letter from employer outlining the redundancy so this should be all that is required.

JMDM127

My wife and I have a Mortgage Protection Plan with Critical Illness Benefit. With all this talk about PPI can I ask, does anyone in the forum know if this is one of the policies that we are now allowed to reclaim on?

Would be extremely grateful for any advice. JMDM127

SidJ

Assuming you have a current mortgage don't you think they are good things to have?

dunstonh

JMDM127 wrote: »

My wife and I have a Mortgage Protection Plan with Critical Illness Benefit. With all this talk about PPI can I ask, does anyone in the forum know if this is one of the policies that we are now allowed to reclaim on?

Would be extremely grateful for any advice. JMDM127

PPI stands for Payment protection insurance. A specific type of insurance policy. You cannot buy it much anymore except two versions. One being for mortgages.

Your plan is not PPI. Neither is your house insurance or your car insurance.

Is there any reason why you think it is not sensible to have mortgage protection?

gordon.beaney

Hi,

I am hoping for some advise, I took out a joint mortgage with my wife in 2007 and we was told by the estate agents that we needed MPPI so we took out the minimum cover of £100 a month cover from the estate agents not the mortgage company.

Unfortunately the last 3 years my health has deteriorated and last year I was dismissed from my employment of 11 years due to ill health & capability. I put in for a claim still paying my monthly premium. They kept asking for different forms to be filled in, doctors reports (which cost me £40 each time) & for other information.

I have now been out of work for almost a year and claiming PIP & ESA, they have only now sent a letter refusing my claim because my former employer has said they offered me a position in a different area in the company.

This is not the truth as they only told me to apply for the other position which I could not afford to take because the wages was considerably lower than was I was on. I explained this to the insurance company but they said the decision was final.

I have now canceled the policy but I would like to know if I can claim anything for mis-sold MPPI and if so how.

Thanks in advance.

Gunnerboy54

Being a bit niave. Reading everything about claiming for mis-sold PPI. Is MPPI something completely different, where claims cannot be initiated?

Bermonia

You don’t claim you make a complaint - there is nothing to stop you, however please realise that merely having MPPI is not sufficient to say was mis-sold, MPPI was and still is a valuable form of protection that is still available today - as a result the bar is set very high in order to make a successful complaint.

What would be your reasons for complaining?

dunstonh

Gunnerboy54 wrote: »

Being a bit niave. Reading everything about claiming for mis-sold PPI. Is MPPI something completely different, where claims cannot be initiated?

MPPI just indicates it is for mortgage.

There are differences and that is why most MPPI complaints fail. However, some do succeed.