Inadequate sickness/redundancy payment policy

TanyaThomas

Having scoffed at the whole PPI refunds scene for years, having curiously had a look at a recent mortgage repayment policy to cover the two of us for sickness & redundancy, the payouts would nowhere near cover the costs of the mortgage should such an event occur.

We were both of the understanding it'd have paid the mortgage off, but looking at it in more detail, it'd barely payout half the value, so we're lucky we never had to use it.

I'm converted to the mis-selling bandwaggon now... we've been had!

Having read thru the many permutations of misselling though, I dont see this scenario amongst the standard form letters.

Anyone give any help or guidance for this unusual set of circumstances?


Cheers
TT

societys_child

to cover the two of us for sickness & redundancy,

Which it may well do

We were both of the understanding it'd have paid the mortgage off

I don't think the policy is intended to "pay the mortgage off" because of a period of sickness, or redundancy.

Did you not read the policy at the time you signed it?

dunstonh

Can you explain exactly what you have?

is it MPPI, PHI, Critical illness and/or life assurance?

Not having enough is not necessarily grounds for complaint. Most people do not fully protect themselves for all their financial needs. Typically restricting themselves to a budget that shows something is better than nothing.

How did you buy the mortgage and insurance? (important)
when did you buy it (also important in case it is pre-regulation)
Did you buy under advice or no advice? (important as requirements differ)