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Nationwide Life Cover and PPI
manamaga
Posts: 42 Forumite
When we had our first mortgage in around 2003, we were sold Nationwide Life Level Term Assurance (Life cover we think :-/ ) Our monthly fee for the cover (having looked at our old policy) included something they referred to at the time as "Payment Waiver Option". Not knowing what Payment Waiver Option is, we found a claims guide leaflet, and looking under the heading of Payment Waiver Option it says:
"To claim under the PWO you must have been unable to work due to illness or injury for a continuous period of...." etc etc etc.
Our question is, does this sound like PPI to you?
"To claim under the PWO you must have been unable to work due to illness or injury for a continuous period of...." etc etc etc.
Our question is, does this sound like PPI to you?
0
Comments
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we were sold Nationwide Life Level Term Assurance (Life cover we think :-/ )
Yes. That is life assurance.Our question is, does this sound like PPI to you?
It is not PPI. It is waiver of premium. PPI is short term insurance issued by general insurance companies and is underwritten at point of claim. Waiver is long term insurance issued by life assurance companies and underwritten at point of sale.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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