Premium payment benefit??

Joby63

Hi, my husband and I took out a self assurance policy in 2002 which we are still paying with Scottish Provident. I became aware thT Included in my premium is £14.97 in respect of premium payment benefit(sickness accident or disability)
I contacted Scottish Provident explaining I had been missold this premium and was informed that a mortgage advice centre was the firm that sold us the policy and that they were not involved in any advice.
The mortgage advice centre is no longer trading, but is a member of a different organisation regulated by the FSA
Any advice please on firstly is this PPI and secondly can I still pursue Scottish Provident.

[Deleted User]

Why do you think this insurance was mis-sold to you?

It's not PPI.

dunstonh

I became aware thT Included in my premium is £14.97 in respect of premium payment benefit(sickness accident or disability)

Very common and until recently, the default position was to recommend it.

The mortgage advice centre is no longer trading, but is a member of a different organisation regulated by the FSA

The Foods standards agency has nothing to do with life assurance
The status of an individual doesnt matter. It is the firm that matters.

Any advice please on firstly is this PPI and secondly can I still pursue Scottish Provident.

Its not PPI and Scot prov have no liability for a complaint. Not that there appears to be any complaint here. It is waiver of premium. It is also pre-regulation.

Joby63

I found the original, paperwork which shows the additional premium, we don't recall agreeing to this
Thanks for your reply

Joby63

FSA - fInancial services authority

The total premium is £181.20 which includes this £14.97 premium payment benefit

Should I not have had an option to opt out of this premium payment benefit?

What is the difference between this payment and Ppi

dunstonh

I found the original, paperwork which shows the additional premium, we don't recall agreeing to this

You did agree to it. It has specific insurance questions and medical disclosure and your signature is required.

FSA - fInancial services authority

The only FSA is the food standards agency. The FSA you are using hasnt existed for a few years now.

Should I not have had an option to opt out of this premium payment benefit?

It would be a recommendation to include it. You either say yes or no. For best advice, the recommended default was to include it.

What is the difference between this payment and Ppi

PPI is short term insurance issued by general insurance companies. It covers accident, sickness and unemployment and pays out for no more than 24 months (typically just 12 months). Majority of PPI plans cover debt. It is underwritten at point of claim.

Waiver of premium is long term insurance issued by life assurance companies covering inability to work and pays the premiums of the policy until the end of the policy term if need be (which could be 40 or so years). It comes under a different part of the FCA rule book. It is underwritten at point of sale.