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Mortgage Protection Insurance...Can I claim?
Alwaysgrafting
Posts: 9 Forumite
We got a mortgage 14 years ago with Cheltenham and Glouster and were told we had to have mortgage protection insurance.....however my partner has asthma. We were then sold a policy with prudential. Can we reclaim?? Sorry if I sound stupid but this whole thing confuses me anyway?!
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however my partner has asthma
Not a problem. Doesn't make MPPI invalidated.
Are you sure it is MPPI and not life assurance. Pru being a life assurance company after all. From memory, I think they only did PPI as a redundancy add on to their income protection product (which is not PPI).We were then sold a policy with prudential.Can we reclaim??
Nothing you have said suggests any issues or wrongdoing.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 -
No it's not life insurance....defo says Mortgage Protection Insurance. I remember them saying that it was in case we were sick and couldn't work. Using him having asthma as a reason to get it0
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Is that not a good reason to keep it?0
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Alwaysgrafting wrote: »No it's not life insurance....defo says Mortgage Protection Insurance. I remember them saying that it was in case we were sick and couldn't work. Using him having asthma as a reason to get it
If its not life assurance, is it income protection? That is retailed by life assurance companies?
You seem to think that having Asthma is a reason it would be mis-sold. it is not. Especially if its income protection as that is underwritten at point of sale knowing your medical history.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 -
Oh ok. I just wondered that's all. We had a seperate life ins policy.0
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Alwaysgrafting wrote: »Oh ok. I just wondered that's all. We had a seperate life ins policy.
Separate life, critical illness and MPPI is the best way to go with a mortgage, makes sure you don't lose your home if you lose an incomeSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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