Is my mortgage protection useless?

diluvsdiscounts

Ten years ago(11 in July) we took out a mortgage and my DH insisted we also took mortgage protection,which we did.
I have never had a problem with this apart from the fact its about £30 a month but I'm just grateful we have never needed to use it.
Last week a lady stopped me in town and asked if I had ever been miss sold PPI,I didn't know what she was talking about really and I mentioned the said mortgage protection.She said it is absolutely useless and I should put a claim in.
Firstly I think what I'm wondering is if it is worth us continuing these payments if they would not cover our mortgage anyway and secondly would I be able to claim anything?

Premier_2

It doesn't sound like you were probably mis-sold the product if your DH actively asked to purchase it.

If you now don't feel it is a worthwile expenditure, I'm sure they will cancel it (mreaning no more premiums to pay) if you so request it.

diluvsdiscounts

Thats what I thought,they asked if we wanted it and we said yes but what I'm wondering mow is if it's worth having.I suppose I need to ring them and ask what I am actually covered for.

dunstonh

Last week a lady stopped me in town and asked if I had ever been miss sold PPI

What company was she from? It is against MoJ rules to be stopped by someone to be asked about mis-sales. It's already good to name the dodgy claims companies on here as it helps others avoid losing money through them (you just have to look at the hundreds, if not thousands of posts from people who have been conned out of money by dodgy and failed claims companies.

She said it is absolutely useless and I should put a claim in.

Firstly there is no mis-sale here as your DH wanted it. Secondly, it is not absolutely useless. This lady has no financial qualifications, is not authorised by the FSA and has no such right to say such a thing. It is not the most important insurance going but you only need to ask those that it has paid out on (redundancy being the most common) and they will tell you it was not a waste.