is my ppi worth it?

Lizzy82

i am currently paying monthly insallments on a total mortgage protection plan and want to know if it is worth the paper that its written on. the ppi was sold to cover our mortgage in the event of illness or out of work are we covered? if not then need to know how to go about reclaiming my money back as been paying into this insurance for around 8 years, i've been informed that if i claim on my insurance they will not pay out is this true?

di3004

Lizzy82 wrote: »

i am currently paying monthly insallments on a total mortgage protection plan and want to know if it is worth the paper that its written on. the ppi was sold to cover our mortgage in the event of illness or out of work are we covered? if not then need to know how to go about reclaiming my money back as been paying into this insurance for around 8 years, i've been informed that if i claim on my insurance they will not pay out is this true?

Hi there
I'm sure Dunstonh will help on this one, good luck.

magpiecottage

In one sense no insurance is worth it if you never have cause to claim but the point is that all the policyholders meet the need of those that do.

If you lost your job then under the rules as they stood when you took the mortgage out you would have received no state help for nine months. If you didn't pay your mortgage for during that time you would probably have lost your home.

So whilst you have been fortunate enough not to need to make a claim, would you have wanted to find yourself and your family on the street?

That is what Mortgage PPI insures against - so you tell me if you would have wanted to avoid the risk.

rumdiddlyum

we have our own ppi that pay our mortgage and most of our bills its worth shopping around:D

dunstonh

The bottom line is that if you have a claimable event then you are grateful for having the insurance. If you dont have a claimable event then insurance is a waste of money. The problem is that you dont know if you will have a claimable event or not and the consequences if you do have one and are not insured) could be significant and include losing your house.

i've been informed that if i claim on my insurance they will not pay out is this true?

whoever told you that they do not pay out on claims is being silly. If you meet the criteria then they pay out. As long as the cover meets your needs then you should be fine.