pension payment protection

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
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jemstonejemstone Forumite
4 Posts
edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
Any advice welcome.
I've just been looking through my pension papers and realised i am paying a payment protection insurance.
I was a few years back paying in £2000 a month. I was led to believe this insurance would cover me incase of an accident and i couldn't work (i'm self employed) I then got injured, couldn't work, investigated about getting my payments covered and found out that i was paying about £40 per month to cover me for only up to £300 a month. The insurance was provided by a separate insurance company (i.e not the pension company) and was set up using a financial adviser who a few years later we found out the firm had folded.
My question is - do i have a case to claim anything here? Thanks

Replies

  • dunstonhdunstonh Forumite
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    My question is - do i have a case to claim anything here?

    No.
    Its not PPI. It is waiver of premium (sometimes called waiver of contribution). It is long term insurance offered by life companies (unlike PPI which is short term insurance offered by general insurance companies).

    It used to be very common and the "best advice" position was to recommend you have it every time. However, over the years, products became unbundled and non-life companies got into pension distribution and they couldnt offer it and pensions turned from being an an old fashioned insurance company product to a modern administration platform instead.
    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.
  • Thanks. Very informative. That helps. Do you know if PPI may have been sold with a mortgage from halifax or leeds building society?
  • Delete33Delete33 Forumite
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    Yes it may have been, send letter and ask.
  • dunstonhdunstonh Forumite
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    jemstone wrote: »
    Thanks. Very informative. That helps. Do you know if PPI may have been sold with a mortgage from halifax or leeds building society?

    Quite possibly. MPPI was a popular product and remains so today. It is one of two types of PPI still retailed as it does not suffer the same level of issues that loan and credit card PPI does.
    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.
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