Is this some sort of PPI

Shezz

When I took out my morgage I was told that I had to have life insurance to cover the payment of my morgage incase anything happened to me (was not a joint morgage), the life insurance decreased over the period of my morgage, so at the end of my morgage the life insurance finished, I was miffed at the time knowing that i could be paying in all this money and not getting anything back at the end if I had not claimed for anything (which I never) but had to take it as the morgage advisor said I had to.

Would be good to know if i can get some back:D if not, well my own fault if I never had to take it, but was so naive at the time and I just took her word as gospel

dzug1

It's not PPI - it would not have paid your mortgage if you'd lost your job or been too ill to work.

It's life insurance - it would have paid your entire mortgage off in the event of your death.

What the regulations surrounding it are - particularly in ??the mid 80s when you presumably took out the mortgage - pass

Shezz

Ok I would of been grateful to having it if I did come out of work I suppose, was the late 90s I brought my place, I was one of the lucky last few to be able to buy the house with all the discounts applied by the council, was worried when i took the morgage out that something might happen down the line and I lost the house for some reason or another, 25 years to pay off a morgage seemed a long time lol I did'nt want it to be a life long worry, so I paid as much as I possibly could each month, took me 9 years to pay it off.

McKneff

Do you realise that you are complaining that you didnt die, werent out of work, werent critically ill to enable you to claim on the policy.

dunstonh

Life assurance used to be mandatory with most lenders. That stopped being the case around the late 90s to very early 2000s. Although lenders are still within their rights to insist upon it.

Most mortgage advisers/brokers didnt become regulated for insurance until 2005. So, even if there was a wrong doing, there is a high probability that it was pre-regulation.

I was miffed at the time knowing that i could be paying in all this money and not getting anything back at the end if I had not claimed for anything (which I never)

That is how insurance works. You pay your house insurance and car insurance and do you feel the same way about those?

roonaldo

OMG, life insurance pays out when you die.