PPI or not PPI ?

Grumpygrandadno.1

Many years ago I took out a mortgage and was told I MUST take out life insurance with Equitable Life , with the building society as sole beneficiaries , for the full amount of the mortgage ( £50,000) for the full term (30yrs) .
This was despite my receiving full pay when off work . Is this PPI ? I'm doubtful but...... My curiosity was piqued when I got a cold call from a canvasser who WOULDN'T be politely chased ! After I put the phone down it suddenly occurred to me - did I have PPI after all ?

[Deleted User]

Life insurance isn't PPI, and the caller won't have known whether you had PPI or not (unless they have stolen data).

robbedofmymoney

Life insurance and PPI are two completely different things,


life insurance linked to a mortgage typically pays off the mortgage in full should you pass away.


PPI would typically pay your monthly premiums/10% of the debt should you be unable to work for any reason.


so if it was life insurance you had then there is probably nothing to complain about

dunstonh

Many years ago I took out a mortgage and was told I MUST take out life insurance with Equitable Life

Equitable life have not been around for a very long time. So, we are looking at the period when life assurance was mandatory for most lenders.

with the building society as sole beneficiaries

Not quite. The policy would have been assigned to the lender. This means the lender gets the money to repay the mortgage. However, this benefits the surviving borrower or the estate. It was quite normal for mandatory life assurance to be assigned to the lender.

Is this PPI ?

No. it is life assurance.