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RBS Staff Group Assurance
khab50
Posts: 2 Newbie
Hi.
When I was employed by RBS and took out a staff mortgage it was compulsory to take out 'Staff Group Assurance'. This was designed to pay off the mortgage in the event of death.
Does anyone know if this counts as a type of PPI? We were never given a choice whether to take this out or not and I ended up paying for 14 years.
Thanks.
When I was employed by RBS and took out a staff mortgage it was compulsory to take out 'Staff Group Assurance'. This was designed to pay off the mortgage in the event of death.
Does anyone know if this counts as a type of PPI? We were never given a choice whether to take this out or not and I ended up paying for 14 years.
Thanks.
0
Comments
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Does anyone know if this counts as a type of PPI?
No. It is no more PPI than your car insurance or household insurance is.We were never given a choice whether to take this out or not and I ended up paying for 14 years.
Prior to around the early 2000s, life assurance was mandatory with most bank mortgages. That is allowed. Even today, with it no longer being mandatory, most sensible people take out life assurance to cover their mortgage.
Be happy you didnt have to claim on the policy.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
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