PPI Insurance - Validity following redundancy ?

Thishitcountry

Hi guys - hoping someone can help with this as I am rather panicing as a result of a sudden redundancy.
Keeping things brief as I can – Had inkling of redundancy so dug out details of PPI cover (Paymentshield) Not being the best with paperwork etc. I noticed I had not amended my contact details with them following house move (D’OH - moved 5 years ago and policy has been running since 1999 and payments have gone through as direct debits without breaks throughout. Phoned Paymentshield to notify change of address and pressed them to ensure this was simply a change in personal details as opposed to amendment to policy (I maintained same level of cover etc. as aware that changes made to policy and resultant redundancy a week later would invalidate policy)
Following call as above I have received new certificate of cover with monthly premium considerably increased. Im guessing this constitutes change in policy as certificate supercedes previous and given the revised monthly premium (in other words is this in effect a new policy and claim [yet to be made] invalid given close proximity, timewise, of planned claim and me notifying of change of address ?
I have PPI cover that was running for 10 years when I had property previous to current one. Fooloishly and as genuine oversight I forgot to change address details at time of moving. With redundancy in the air I dug out policy and realised my oversight. Subsequently contacted them and was at pains to ask that this was merely me notifying them change of contact details as opposed to actual policy. I didnt alert them to my potential circumstance and refused offer to upgrade policy (as not to alter terms as it were) Given they have issued revised certificate and the monthly premium has gone up I guessing Im pretty screwed ? I.e Technically new policy and given short timescale of me advising on change of address/their increased monthly premium charge my upcoming claim on this policy may be invalid ?
Cant see anything specific in that respect on the terms other than an apparent all-encompassing get-out clause on their behalf of "you must inform us of change in circumstance that may effect policy" Horrible feeling Im clutching at straws and kicking myself for my potential slip...
(Not sure if relevant but when issued with new certificate they did not send any terms booklet with it and when I phoned to notify address change I was read some standard ‘scpiel’ and initial part of it stated “this policy is designed to be fully transferrable” Also I was not verbally advised that monthly policy premiums would be increased i.e. have they actually initiated a 'new policy' as opposed to just updating my contact details ? Sorry for rambling but thoughts are all over the place at minute ! )
Any comments greatly appreciated folks.
Many thanks in advance – be lucky out there !

dacouch

Are the Policy numbers the same on your "old" certificate and your "new" certificate?

Payment shields prices have increased recently due to the recession

Thishitcountry

ah - didnt think of checking that - cheers I'll check tonight.

My head so muddled at moment im not seeing the fundamentals ha !!

Thanks again

pedro123456

"Payment shields prices have increased recently due to the recession"

I like a laugh but dont you start with the jokes dacouch...........

They have increased to maintain profits ;-)

Pete

dacouch

If the certificate numbers / policy numbers are the same I would assume its the same policy.

If you do have a problem with the claim it should be easy to sort out as your address would not normally affect your reduncy prospects, you have been paying the premiums so it should not be a problem.

If the Insurer have different rates for different areas then it would be fair for them to ask you to pay the back dated premiums and they in return should pay any valid claim.

Payment Shield are the market leader in this field and have a good reputation so I would have thought there should be no problems with them.

Check your bank statements as you will probably find they increased the premiums a few months ago, there are a few threads on MSE from people asking why their prices have increased.

I assume you bought the Payment Shield through some kind of adviser, have you tried ringing them as they may be able to advise you?

Dunstonh will probably be along soon and he knows more about this field than me so can probably help more

dunstonh

"Payment shields prices have increased recently due to the recession"

I like a laugh but dont you start with the jokes dacouch...........

They have increased to maintain profits ;-)

I guess the joke was the same when premiums were lower in the less risky days. Please do not contaminate other people's threads with your pointless anti-insurance rants as it is not fair on the posters who want genuine answers to genuine questions.

Paymentshield are a good provider with good service standards. Its possible the price change and the change of address were co-incidence as paymentshield did increase their prices earlier this year for everyone. The continuation with paymentshield is the key thing. Increases in sum insured are subject to new qualification (in the increase) but rest should be fine. As mentioned above, paymentshield is (or can be) allocated to a financial adviser. So, if you have one, then feel free to ask them and get them to check for you. If you dont have one, then the paymentshield policy can be allocated to a new one and they will take on servicing rights for you.

Thishitcountry

Great stuff people !

Got something solid now to look at. Will also dig out contact for broker who put me onto this policy too and ask if they can 'do some asking'

Feeling a bit more optimistic - thanks so much !

pedro123456

"I guess the joke was the same when premiums were lower in the less risky days. Please do not contaminate other people's threads with your pointless anti-insurance rants as it is not fair on the posters who want genuine answers to genuine questions"......who have you come as "contamination police".........whats my comment to dacouch got to rattle your cage for.

If you want to give advice give it...........most of the advice I see you give is "well you need the advice of a IFA...............oh and by the way I am one.

"paymentshield is (or can be) allocated to a financial adviser. So, if you have one, then feel free to ask them and get them to check for you. If you dont have one, then the paymentshield policy can be allocated to a new one and they will take on servicing rights for you."

What servicing rights?......explain to the man what they are and how they help or dont because I haven't a clue and my guess is neither has he.

He hasn't come on here to be told he needs a IFA or that they can/will take on his servicing rights.....you are in the know apparently.........help him out and stop trying to portrait yourself as a night in shining armour (but at a price), and haveing snide remarks about my obvious tongue in cheek comment, when I feel its appropriate to comment on IC make no mistake it wont be a few word ramble.and I dont need your permission !!!

Pete

Thishitcountry

woah woah steady on chaps :eek: . . . peace :A.

just quick update -

made call to broker who i set policy up with and she was very helpful.

she put call to them on my behalf (obviously just as speculative enquiry rather than specific) and she just called back to advise any claim will not be effected by the oversight and it will pay out when time comes.

still fingers crossed but big relief in meantime. cheers

Thishitcountry

dacouch - checked "old" and "new" certs and while "cerificate number" same on them the "policy number" differs ? Im now unsure again unfortunately ?...