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PPI or life insurance?
Louloub
Posts: 6 Forumite
Apologies if this is a stupid question but I am a little confused and wondered if anyone can help? I took out a loan with HSBC just under 7 yrs ago which I paid off yesterday. As part of the loan terms I was told that in order to be accepted for the loan I had to take out a Flexilife Plan which included Level Life cover for personal protection and income protection. Can anyone please advise if this is classed as PPI or life cover and if I should attempt to claim back on the grounds that it was sold as compulsary?
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Comments
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Just to say thanks Lou for the post I have the same question.Extra Payment a Week Challenge: (joined 15.01.12) This week £27.34 /Total so far £42.34
Pay off as much as i can in 2012: £222.34 / 5000
FEB GC 11/200.0 -
Can anyone please advise if this is classed as PPI
PPI is short term insurance offered by general insurance companies. Life assurance is life assurance and offered by life assurance companies. So, no. it is not classed as PPI.should attempt to claim back on the grounds that it was sold as compulsary?
Lenders are allowed to insist on life assurance for security of a loan. It isn't that common with personal customers but business banking customers see it frequently.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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