can i claim for ppi on an emdowment thats been running for 18 years

jkillington

Hi, I've just found that I've been paying for ppi on my endowment that has been going for 18 years now. Can I still make a claim.
any help is appreciated.
Thanks, jamie

DrSqueeze

Hi and welcome

Are we talking just an endowment policy, or an endowment-linked mortgage?

It might not actually be PPI on an endowment policy, it could well be Waiver Of Premium (WOP) which is quite different. Have a check in the policy wording first to see which.

WOP is an underwritten benefit, which excludes it from one of the main reasons for being missold (i.e. if you're not eligible the WOP won't be included). It might also be a standard 'feature' of the policy rather than being an added 'extra'.

dunstonh

Endowments dont have PPI.

They are made up of life assurance (as mandatory) and can have critical illness cover and/or waiver of premium added as options.

Waiver of premium is a form of long term insurance (PPI is not). Waiver is also underwritten at point of sale (PPI is not). Waiver is required to recommended and documented as to why if rejected.

Finally, Waiver on an endowment can only be put in place under a full advice process (or if you did execution only - in which case you cant complain). A full advice process has far more disclosure and a written report as to why you have the product and options. PPI has none of that until recent times and even then it is not comparable to the full advice process (full advice has factfind, needs analysis and suitability report/reasons why letter)

Complaints about waiver are virtually unheard of and would be very easily defended. Especially if you are confused and think its a PPI and use the usual PPI reasons.

magpiecottage

DrSqueeze wrote: »

Hi and welcome

Are we talking just an endowment policy, or an endowment-linked mortgage?

It might not actually be PPI on an endowment policy, it could well be Waiver Of Premium (WOP) which is quite different.

Almost certainly a WOP and almost certainly for a mortgage - which in turn means whoever sold it would probably find they could timebar on the basis of a red letter regarding maturity values.