Ppi on an endowment policy

aldoffc

Can anyone inform me whether you can claim back mis-sold ppi on an endowment policy or is it just loans & credit cards?

dunstonh

Endowments and PPI are two different things. PPI was never sold with within an endowment policy so its not something you can complain about.

The only options you had within endowments where critical illness cover and waiver of premium. Both of which are considered best advice to have. Waiver is possibly the closest to PPI but unlike PPI it is not job dependent, it was underwritten at point of sale, it didnt expire after 12 months (went to end of term if necessary) and had no impact on sick pay. Most importantly, waiver is not a product. It was an option within a product. Waiver is probably closer to PHI than PPI.

So, the things that can apply to loans and credit card PPI dont really apply to investment products (Which are themselves regulated to a higher level than general insurance).

aldoffc

Ah ok, so the part on my endowment policy that says 'payment protection' is probably critical illness cover, is that what you are saying?

And you cannot claim that back like payment payment protection insurance?

dunstonh

Ah ok, so the part on my endowment policy that says 'payment protection' is probably critical illness cover, is that what you are saying?

Its more likely waiver of premium or waiver of contribution (the generic titles). The fact they are calling it payment protection internally is their marketing name. It is not in the same product class as PPI.

And you cannot claim that back like payment payment protection insurance?

You can complain about the sale of any financial product. However, the reasons that apply to PPI are unlikely to be applied to waiver of premium and certainly not to critical illness.

Why do you think you were mis-sold? that may be the better way of looking it.