LloydsTSB MPPI lock-in?

lmo_3

My MPPI with Lloyds TSB is called MortgageSure and I have had it for 14 years.I can't move to cheaper insurance because I have a medical condition(angina).However, I would like to move my current account but TSB 's leaflet states I must have a cheque account with them to maintain the MPPI policy.Has anyone heard of a restriction like this?Btw,I am paying £32 pm to cover £500 pm outgoings.Cheapest quote: £14.50!

regularsaver1

My dad has angina

he has mortgage repayments cover with Halifax under their total mortgage protection plan - pre-existing conditions are not covered you are right. But they will not cover him for life or critical illness but they will repayments cover
They cover mortgages non-halifax too

is the reason you can't move because you thought no one would cover you or because you didnt have angine 14 years ago?

dunstonh

I dont believe the insurer can insist on a specific bank account nowadays but it would have been the sort of thing done years ago. Best thing to do is ask them.

lmo_3

Thanks for the replies.I've only had the angina 2 years so I would be covered by staying with TSB MPPI; it is just knowing I am paying well over the odds with the premium.
As for the cheque account " lock-in", I suspect this no longer applies but when you are talking about the major banks you just never know.
Cheers both.

regularsaver1

I'm afraid if you take new insurance you will probabaly not be covered for your existing condition