Whole of Life Insurance premium waiver - is this PPI too?

igdirect

Advice please...

In 1994 I took out a whole of life policy with Aviva (Norwich Union at the time). It includes premium waiver (what Aviva now calls Premium Protection) in the event of me being unable to pay the monthly premium as a consequence of illness or accident.

I was not told at the time that it was optional, nor was it explained to me in any detail.

Does such a payment come under the PPI mis-selling umbrella or is it a different animal altogether?

Thanks,

Ian

magpiecottage

It is not PPI. Its purpose is to ensure your policy remains in force if you fall ill and cannot work.

Since not having it could mean the policy lapsed at a time when having cover became particularly valuable, it was suitable, assuming the main policy was suitable for you.

dunstonh

Whole of Life Insurance premium waiver - is this PPI too?

No. Very different add on.

I was not told at the time that it was optional, nor was it explained to me in any detail.

And adviser would tell you what you need. Their job is to give you best advice. Not put options in front of you to pick. Pension and life contracts have waiver available and even today it is considered best advice to recommend it and if overruled by the client, you have to document on the suitability report as to why the client chose not to have it.