PPI=Endowment insurance

peanuts17

I 2004 I asked for a loan from TSB ,they said I would have have to take out an endowment insurance for the loan to be approved. I did so even though I didnot want the insurance, is it classed as PPI under a different name.

dunstonh

is it classed as PPI under a different name.

No. Endowments are not PPI. They have nothing in common. Its like asking if your motorbike is a helicopter.

I 2004 I asked for a loan from TSB ,they said I would have have to take out an endowment insurance for the loan to be approved. I did so even though I didnot want the insurance

Are you sure? The last mainstream provider of endowments was Standard Life and they pulled out of the market in 2003. TSB did not exist in 2004. LloydsTSB did not retail endowments in 2004.

peanuts17

Lloyds TSB had Scottish widows advisors in branch in 2004 selling policies

dunstonh

peanuts17 wrote: »

Lloyds TSB had Scottish widows advisors in branch in 2004 selling policies

I know they retailed SW products but SW had pulled out offering endowments then. Is it actually an endowment policy or a term assurance?

peanuts17

Its a term assurance, the loan was in my name but they insisted both my wife & I were insured due to my income alone was insufficient.

dunstonh

peanuts17 wrote: »

Its a term assurance, the loan was in my name but they insisted both my wife & I were insured due to my income alone was insufficient.

I thought it may be a term assurance rather than an endowment.

Term assurance is not PPI. It unlikely you have any evidence of a verbal conversation. So, you would expect a complaint on that point to fail. They would then look at whether you had a financial need for the policy and the position on life assurance is that you should cover your debts and your income if someone is financially worse off in the event of your death. e.g. a spouse. A very rough (and I mean rough) guide is that you should aim to have around 10 times your income plus all liabilities as the amount of life assurance.

In your case, you were married and had a debt. So, life assurance is logical. You had a financial need for it and they matched the term assurance with that need. So, no mis-sale (from a product matching point of view).