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Life Insurance as PPI?
Danno6389
Posts: 1 Newbie
Hi Guys, just looking for some advice.
I had a Business loan around twelve years ago with RBS. The loan was for a substantial amount and used to buy a Business property. At the time the bank informed me that in order for the loan to be approved I would have to take out a Life Insurance policy to cover the full amount. Although they didn't stipulate that the policy had to be taken out with RBS they did put me in touch with their insurance dept and I subsequently took out the policy with them.
I sold the company a few years later and so the policy was cancelled. Would this policy fall under the PPI umbrella? And if so would I be advised to try and reclaim the premiums?
Any advice would be gratefully received.
Thanks
Danno
I had a Business loan around twelve years ago with RBS. The loan was for a substantial amount and used to buy a Business property. At the time the bank informed me that in order for the loan to be approved I would have to take out a Life Insurance policy to cover the full amount. Although they didn't stipulate that the policy had to be taken out with RBS they did put me in touch with their insurance dept and I subsequently took out the policy with them.
I sold the company a few years later and so the policy was cancelled. Would this policy fall under the PPI umbrella? And if so would I be advised to try and reclaim the premiums?
Any advice would be gratefully received.
Thanks
Danno
0
Comments
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No, PPI and Life Insurance are different products.0
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At the time the bank informed me that in order for the loan to be approved I would have to take out a Life Insurance policy to cover the full amount.
That is very common in the business sector. Nothing wrong with that.Would this policy fall under the PPI umbrella?
Life assurance is not PPI. Plus, you havent indicated any wrongdoing.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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