Mortgage Payment Protection Insurance

kingstreet

WombleSW20 wrote: »

Kingstreet - just read your response - good, objective advice.

I try to get the best combination of cover, for the lowest cost, based on the client's circumstances.

OshayAway

WombleSW20 wrote: »

DunstonH quote "It has some of the worst claims stats going". Admittedly single premium PPI did have poor claims history, but as DuntonH well knows, this is no longer sold. An MPPI policy sold through a decent IFA will have slightly lower claims acceptance rates than PHI (in my experience, for a regular premium product this is 85% vs. circa 90% for PHI).

No one mentioned single premium ppi.

I would be flabbergasted if the claim statistics you give are correct. The last time I researched the claims figures, which was over a year ago, I found that hardly any providers 'publish' these statistics. Nearly every enquiry was met with "... we pay out 100% of valid claims..." which is a nonsense. The facts are that almost every PPI / MPPI / ASU policy available have very restrictive exclusions on the most common cause for claims, thus being treated as "invalid" by those insurers. A bit more digging showed that industry-wide the A/S side of PPI / MPPI was about half what you state.

Please produce your source and prove me wrong.

WombleSW20_2

You're right - no one mentioned single premium PPI but the experience you and DunstonH refer to is more akin to miss-sold single premium PPI policies sold on a non-advised basis by a spotty bank clerk.

The stats I quote are based on personal experience of claims from MPPI and STIR products sold through reputable networks and brokers. The experience here is sufficiently large enough for me to have confidence around these numbers but it would be inapropriate to divulge the schemes involved.

I can't comment on the AS experience as this is a small proportion of the book. I can only imagine that the discrepancy in your experience is because these were mainly sold post Jan. 2005 in a tougher regulatory environment using reputable insurers via the IFA channel.

OshayAway

WombleSW20 wrote: »

You're right - no one mentioned single premium PPI but the experience you and DunstonH refer to is more akin to miss-sold single premium PPI policies sold on a non-advised basis by a spotty bank clerk.

The stats I quote are based on personal experience of claims from MPPI and STIR products sold through reputable networks and brokers. The experience here is sufficiently large enough for me to have confidence around these numbers but it would be inapropriate to divulge the schemes involved.

I can't comment on the AS experience as this is a small proportion of the book. I can only imagine that the discrepancy in your experience is because these were mainly sold post Jan. 2005 in a tougher regulatory environment using reputable insurers via the IFA channel.

Nice dodge.

WombleSW20_2

It's not a dodge, I just can't provide details as it's corporate sensitive information. It doesn't suprise me - with comments like the above that you can't comprehend this.

OshayAway

WombleSW20 wrote: »

It's not a dodge, I just can't provide details as it's corporate sensitive information. It doesn't suprise me - with comments like the above that you can't comprehend this.

Whatever you say WombleSW20... umm... what is it that Wombles did? Dealt with rubbish all day wasn't it?

WombleSW20_2

Neither funny nor witty I'm afraid. But it is useful indication of your intellect and credibility for future MSE visitors i.e. if I can't put together a sensible argument, then I'll just insult people.

OshayAway

WombleSW20 wrote: »

Neither funny nor witty I'm afraid. But it is useful indication of your intellect and credibility for future MSE visitors i.e. if I can't put together a sensible argument, then I'll just insult people.

Sorry, I couldn't resist, didn't know you can't take a joke.

I'll post a more serious post in a bit when I've got a bit more time. In the mean time, perhaps you could post the PPI/MPPI definition for 'mental disorders' (i.e. anxiety, stress, depression), 'Musculoskeletal' (neck, back, joint problems) and pre-existing conditions?

Ringo981

Hi All

Thanks for your replies,

I think I will give the mortgage protection a miss and try and pay more off on the mortgage.

The only thing is I havnt sent back the apllication forms yet but I have received a letter thanking me for sending back my application form for the protection insurance.

I have still got my application package and have not signed anything so far.

Ringo

WombleSW20_2

Don't worry - there is a standard 30 day period where you can cancel your protection policy where you won't be charged. Good luck!