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Is premium protection the same as PPI
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anstar
Posts: 2 Newbie
I have mortgage decreasing life insurance which started in 2001.
The plan summary says Premium protection is included. There is no mention of a separate payment for this. Is this the same as PPI and will there have been an extra charge incorporated into my premiums?
The plan summary says Premium protection is included. There is no mention of a separate payment for this. Is this the same as PPI and will there have been an extra charge incorporated into my premiums?
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Comments
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Is premium protection the same as PPI
No.Is this the same as PPI and will there have been an extra charge incorporated into my premiums?
No. it is not the same. However, it is an extra cost add on. It's generic name is waiver of premium (or waiver of contribution). It is regarded as best to advice to have it included. Although it is not as common today as it once was.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 -
I have mortgage decreasing life insurance which started in 2001.
The plan summary says Premium protection is included. There is no mention of a separate payment for this. Is this the same as PPI and will there have been an extra charge incorporated into my premiums?
Waiver of premium is not the same as PPI, although it is likely that the quoted premium with waiver would be higher than one without.
Why do you ask?0 -
Thanks. I just wondered if it was an optional addition to the policy that I didn't need to have and was never asked whether I wanted.0
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