Mortgage Protection Life Policy

Mountain_Murphy

Can someone help me please? I had an interest-only endowment mortgage and also had a Pension Mortgage Policy which was supposed to eventually pay off the mortgage (it didn't but that's another story). Along with that I was told I had to have a Mortgage Protection Life Insurance policy for the sum of the mortgage. I have never married and have no children but didn't argue. Can a mortgage protection life insurance police - which is straight term insurance - be considered for a PPI claim?

Nearlyold

Life Insurance is not PPI so it can't be considered for a PPI claim/complaint. Did you have an endowment policy running alongside your interest only mortgage (which would also provide life cover).

You can complain about being sold the life cover though it MAY have been a requirement of the lender or perhaps the mortgage broker required you to buy a policy to receive free mortgage advice, is it life cover only or is there any Critical Illness cover as well?

dunstonh

Can a mortgage protection life insurance police - which is straight term insurance - be considered for a PPI claim?

PPI is a product type. Life assurance is not PPI.

The era of pension mortgages was one where the banks did insist on life assurance. That was allowed (and still is although you dont see it much today).

[Deleted User]

Mountain_Murphy wrote: »

Can a mortgage protection life insurance policy - which is straight term insurance - be considered for a PPI claim?

If you want to make a PPI complaint, you have to complain about PPI.

However, you can of course make a complaint about anything else (if you have reason to).

Complaints are not exclusively about PPI, but it is PPI which has by far the most mis-selling complaints.

Donald35

Mountain_Murphy wrote: »

Can someone help me please? I had an interest-only endowment mortgage and also had a Pension Mortgage Policy which was supposed to eventually pay off the mortgage (it didn't but that's another story). Along with that I was told I had to have a Mortgage Protection Life Insurance policy for the sum of the mortgage. I have never married and have no children but didn't argue. Can a mortgage protection life insurance police - which is straight term insurance - be considered for a PPI claim?

Hi we also have found a policy we were told we had to have when we took out our first mortgage, it was with Sun Alliance Economy Mortgage Plans with profits like you I wondered if this was PPI I do recall something happened with the company and the policy would not meet the target. Was wondering if this was worth investigating further or if any one can send me any advice thanking you in advance .

dunstonh

Hi we also have found a policy we were told we had to have when we took out our first mortgage, it was with Sun Alliance Economy Mortgage Plans with profits like you I wondered if this was PPI

No it is not PPI. It is life assurance. An endowment policy as it happens. Typically goes with an endowment mortgage.

You would have been told to have an endowment as that it the second part of and endowment mortgage.

[Deleted User]

Donald35 wrote: »

I wondered if this was PPI I do recall something happened with the company and the policy would not meet the target.

Please do acquaint yourself with what actually PPI is. PPI is a short term insurance paying out in the event of illness and unemployment.
Understand that "PPI" is not an umbrella term for all mis-sold insurance.

Life Assurance, on the other hand, is another form of insurance this time providing for the payment of a specified sum to a named beneficiary on the death of the policyholder.

In your case it was an endowment policy designed to pay a lump sum after a specific term (on its 'maturity') or (again) on death.

You can complain about PPI or ANY insurance, but in order for it to be refunded it has to be mis-sold to you.

Why do you think your endowment was mis-sold?

[Deleted User]

More answers on the duplicate thread posted a day later;
https://forums.moneysavingexpert.com/discussion/comment/72099527#Comment_72099527