What does 'waiver of premium' mean?

Seaxwyn

Hi guys

I'm just reviewing my life insurance. I have a Mortgage Protection Plan with Standard Life and we are paying £11.56 monthly for 'waiver of premium'. I don't know what this means, and whether it's worth paying the extra for. any advice or opinions welcome.

Thanks

lisyloo

I think this is an insurance for your insurance.
So the MPP covers your mortgage but the "waiver" covers your MPP payment.

I think you need to check with the company/broker exactly what it is for and only then can you decide whether you think it is worthwhile.

poppy_f1

lisyloo wrote: »

I think this is an insurance for your insurance.
So the MPP covers your mortgage but the "waiver" covers your MPP payment.

I think you need to check with the company/broker exactly what it is for and only then can you decide whether you think it is worthwhile.

thats exactly what it is from my experience of working for 2 life companys in the past

jillywey

I have noticed that I have this insurance on my pension payments. I neither requested it, had it explained to me or require it. Is this another rip off like PPI which needs to be investigated?? I would estimate over the years I have lost hundreds of pounds in my pension fund because of this sneaky charge

Seaxwyn wrote: »

Hi guys

I'm just reviewing my life insurance. I have a Mortgage Protection Plan with Standard Life and we are paying £11.56 monthly for 'waiver of premium'. I don't know what this means, and whether it's worth paying the extra for. any advice or opinions welcome.

Thanks

KittyVentura

Pretty much echoing teh above. A waiver of Premium benefit means that if you are medically unable to work the insurance company with fund the policy for you - I.E pay your premiums. No money is paid direct to yourself. It just means your life cover stays in force and you remain covered even if you cannot pay for the plan.

Generally you need to be off work sick 3-6 months to qualify and cannot claim for pregnany, redundancy, unemployment etc