Payment protection plan?

Tmgurd

Hi
Could you let me know if a mortgage protection plan is the same as mppi?
I was under the impression it was however when my husband called legal & general to query it they told him it was something totally different. I just want to clarify before I proceed.
Thank you

dunstonh

Could you let me know if a mortgage protection plan is the same as mppi?

Could be. However, the name is used by some that offer life assurance as well. In effect, it could be any protection used against a mortgage and MPPI is just one of them.

I was under the impression it was however when my husband called legal & general to query it they told him it was something totally different. I just want to clarify before I proceed.

If its L&G then its a good chance it is life assurance maybe.

Why not ask the broker you bought it through? After all, if you intention is to complain about it, then it is the mortgage adviser you complain to. You only complain to the insurer if the person was an agent of that insurer.

Tmgurd

Thanks for your reply. The advisor no longer works in the estate agents, in fact they told me they had no idea of her details! What would you advise in this instance?

Also I've read through the policy and it's if my husband is unable to work due to illness or an accident.

dunstonh

The advisor no longer works in the estate agents, in fact they told me they had no idea of her details! What would you advise in this instance?

Most advised cases are not mis-sales. Most mortgage cases are not mis-sales either. So, put those together and you have low odds to begin with.

Also I've read through the policy and it's if my husband is unable to work due to illness or an accident.

No mention of unemployment? if not, then it probably is the best form of income protection known as permanent health insurance. L&G do offer that. That will blow any complaint out of the water as it is underwritten at point of sale, paid monthly and pays out until the end age (which is typically close to retirement). If it has unemployment cover then it will be PPI. However, having PPI doesnt make it a mis-sale. MPPI is still considered worth having. The DWP set benefits on the assumption you have MPPI. The FSA still expect it to be recommended when needed. It is the only PPI that can still be sold with the lending application.