Clueless about PPI et all!!!

JMay

Hi I'm sorry if this is something that people frequently post about but i am really unsure if i am over insured???

I currently have a mortgage with the associated repayments, building & contents, life and PPI Insurance for the mortgage. For the 1st few years of the mortgage I had opted not to take the PPI as I was and still am in a role with a company that means I would receive 6 months full pay if i was ill. A few years ago when it came to remortgaging through Alliance & Leicester their staff member got me to take out PPI with Cardiff Pinnacle (i'm still currently paying it). I remember saying at the time that i didn't feel I needed the insurance but was told it was 'recommended' for their morgages and it would benefit me to have it.

I've always wondered if there is any real benefit to me having this insurance? Sorry, all the jargon in anything to do with insurance/mortgages fries my head - not a very grown up attitude I know!!!!

Many thanks for reading!!!

dunstonh

I remember saying at the time that i didn't feel I needed the insurance but was told it was 'recommended' for their morgages and it would benefit me to have it.

That indicates that it was optional and best advice is for people to have it. So, no wrong doing there.

I've always wondered if there is any real benefit to me having this insurance?

Like any insurance, you are pleased you have it when you suffer a claimable event but can think it is a waste if you never suffer a claimable event.

You are better off posting in the insurance section as this is about mis-sales. Nothing you have posted indicates a mis-sale.

roonaldo

A majority of the time there is nothing wrong with having monthly mortgage PPI.