Mortgage protection policy

HURLER

Hi this is my first post on the forum , I have a Question about mortgage protection insurance . I recently had to go into hospital for surgery , and was off work for about a month . When I called the insurance company , I was told that I could not claim for lost earnings as I had not been off work for 60 days . Obviously on checking my policy I found this to be the case. I cancelled the policy , as I had been paying the best part of £30 a month for around 5 years for a policy which was next to useless .

My Question is , does anyone on the forum think I may be able to claim premiums back , as I feel I was sold a policy which did not suit my needs ?

di3004

HURLER wrote: »

Hi this is my first post on the forum , I have a Question about mortgage protection insurance . I recently had to go into hospital for surgery , and was off work for about a month . When I called the insurance company , I was told that I could not claim for lost earnings as I had not been off work for 60 days . Obviously on checking my policy I found this to be the case. I cancelled the policy , as I had been paying the best part of £30 a month for around 5 years for a policy which was next to useless .

My Question is , does anyone on the forum think I may be able to claim premiums back , as I feel I was sold a policy which did not suit my needs ?

Hi there

I would give it a go.

I know they all vary, ours is 30 days before a claim can be made.

Whe you taken this out they should have given you the policy details of this product, but if you feel as well this does not meet your requirements, then there is no harm in trying.

Maybe as 5 years have gone by, you may not remember much about the sale of this cover, but for more info check on here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hopefully others will give their own opinions on this as well.

Hope your feeling better now.;)

Good luck with this.

stephenni1971

My Question is , does anyone on the forum think I may be able to claim premiums back

No

I feel I was sold a policy which did not suit my needs ?

Other than being annoyed at the sixty day waiting period ( which is quite common ), why do you think the policy was mis-sold? You would have been given ample documentation at the time detailing the benefits and exclusions that apply to your policy.

I cancelled the policy , as I had been paying the best part of £30 a month for around 5 years for a policy which was next to useless

I would suggest the policy was not useless, it does what it says it will do,and you would have been informed of this when you took out the policy. MPPI is not compulsory, and canceling it is up to you, but whenever you take out any insurance it makes sense to READ THE PAPERWORK.

dunstonh

My Question is , does anyone on the forum think I may be able to claim premiums back , as I feel I was sold a policy which did not suit my needs ?

Not a chance on this planet you have grounds for refund.

Just because a claim doesnt meet criteria, does not mean that you have an entitlement to get your money back. If you didnt have a financial need for the policy and it was sold under advice (and not off the shelf) then you would have grounds then but it sounds like you do have a financial need so your complaint would be rejected.

GAILEY

Slightly off bat, but we have critical illness, sickness, unemp etc etc policy which we have been paying for 5 plus years - it hasn't gone up (yet) - but still about £97 a month - but had cause to look at it when my partner had an op recently...and it excludes so much we'd have to be almost dead to properly claim - and as partner was made redundant about month before his op he has to satisfy the all works tasks - so again no chance of a claim, although we are claiming under the cheaper sep policy we have.
I am seriously considering cancelling this policy (as it's on a reducing basis in any event -and we are overpaying on the mortgage) and puttng the money in aseperate savings account to go towards the "what if's"..then at least if sometinghapens we will have some money aside an if it doesn't we get our premiums back......anybody else done this ??

dunstonh

but we have critical illness, sickness, unemp etc etc policy which we have been paying for 5 plus years - it hasn't gone up (yet)

So you have multiple plans or segments. Its not a single cover

but had cause to look at it when my partner had an op recently...and it excludes so much we'd have to be almost dead to properly claim

It doesnt exclude that much. Indeed, statistically, you have a 1 in 6 chance of suffering a CI claimable event before retirement. Life assurance is 1 in 5. Unemployment is about 1 in 12 and long term illness is 1 in 16 (although I havent seen recent stats on those last two so they may be out of date).

and as partner was made redundant about month before his op he has to satisfy the all works tasks - so again no chance of a claim

That only affects the unemployment cover. Not the other things.

I am seriously considering cancelling this policy (as it's on a reducing basis in any event -and we are overpaying on the mortgage) and puttng the money in aseperate savings account to go towards the "what if's"..then at least if sometinghapens we will have some money aside an if it doesn't we get our premiums back......anybody else done this ??

Doing that is fine if you dont have a claim but if you do you will regret it. Its down to personal preference. Some people are happy to take the risks. Others are not. Those that havent claimed will tell you insurance was wasted. Those that have claimed will tell you its a godsend.

Before you do anything though, you should check out what you have and understand what each policy or segment does as cancelling the lot would be very risky and very foolish where a family is involved.

lisyloo

Obviously on checking my policy I found this to be the case.

I sympathise with your frustration but unfortunately I feel you have zero chance in this.
The reason is that there is a very high likelihood that you were provided this information up front. It's a fairly key piece of information so likely to have been very available and not buried in small print.

You are meant to read the policy and make sure it suits your requirements, not just file it away.
I do undersand that large documents are difficult to fully digest but it takes about 5 minutes to assess key facts such as this.

Unfortunately if you were provided with these deals which is highly liekly then you have no chance.
In the unliekly case that documentation was not provided to you then of course you should complain.

You could try a complaint to get something as a "goodwill gesture" but you won't get a full refund. If you are really lucky you might get a months free premium just to be rid of you.

GAILEY

Thanks Dunstonh - will go through the thing very carefully before I make any decision

somewhatnew

You need to be careful about canceling the cover as a knee-jerk-reaction. If you now get a policy which pays out after 30 days or less then the condition which kept you off work in the first place will become a 'pre-existing condition' for any new contract... if the condition becomes an issue again and you require time off work ill you wont be covered.

_Andy_

HURLER wrote: »

Obviously on checking my policy

Why didn't you 'check' the policy at the time you took it out?

I cancelled the policy ,

Well done, now you have zero cover.

My Question is , does anyone on the forum think I may be able to claim premiums back , as I feel I was sold a policy which did not suit my needs ?

No.

Obviously it suited your needs at the time, as you chose to take it out.
60 day period is fairly standard.
If you didn't bother to read anything about the policy you were taking out then why on earth should you be able to claim anything back?

Take some responsibility.