Mortgage Protection Plan and Personal Protection Plan

Emma_emma

Hi, I'm new to posting.
I have previously made a PPI claim on a credit card from years ago, so I hope that I haven't realised this additional thing too late as I seem to recall something about only being able to claim once.
I have had a mortgage protection plan for 15 years and am still paying into it. I think this is a useful thing to have although I expect I could probably switch and save some money. Whilst filing the recent summary letter I realised that when I took out this plan in 2003 I also took out a 5 year Personal Protection Plan. I'm not sure why I was sold both together, from the same provider, as they both cover for the same thing according to the summary letters I have.
Are there any grounds for a claim as it seems that I bought two different policies covering the same benefits, so was paying over £60 a month between 2003 and 2008?
I have no idea who I can seek advice from, so thought I'd come on here to see if there is anyone who has had a similar experience, or knows the answer to my questions!

Thanks!

dunstonh

I have had a mortgage protection plan for 15 years and am still paying into it.

Mortgage protection plan is a marketing name rather than a generic name. Some providers use that for the life assurance policy. Some for their MPPI policy. Which is yours?

Whilst filing the recent summary letter I realised that when I took out this plan in 2003 I also took out a 5 year Personal Protection Plan. I'm not sure why I was sold both together, from the same provider, as they both cover for the same thing according to the summary letters I have.

It is normal to have multiple plans or segments covering different needs. If its life assurance, for example, you would have a need for covering debts (i.e. the mortgage) and a further need (if you are married/partner or have children) for family protection and lost income replacement.

If both are PPI, then it would depend on how much you are covering for. MPPI would cover the mortgage element and a standalone personal one to cover an amount above the mortgage.

The most segments/plans I have put in place for a couple at one time was 8. They had multiple needs covering different dates and we did segments for each of the needs to allow them to drop off when the need finished. Segmenting is a common form of financial planning.

It would help to know if its MPPI/PPI or life assurance you are referring to. If the latter, do you have a family?

How did you buy the policy (from a bank, broker/adviser/estate agent)

Emma_emma

Thanks for responding.
I can't seem to work out what type of policy it is, everything just refers to mortgage protection plan, covering me for death benefit, critical illness, mortgage payment protection and premium protection benefit.
The policy was bought through an estate agent whilst arranging our mortgage, before children came along. I think you are right about the segmenting, I think we probably took out the 5 year extra plan as it would have covered us whilst the debt was extremely high, and we probably thought it wasn't necessary later on.
I make notes on everything these days to ensure I understand why I made certain decisions when I review them, so find it frustrating that I can't remember the details of this!

Nasqueron

Bought from an estate agent 2 years before regulation, sadly even if you had a valid complaint (you don't seem to have mentioned your reasons here) then they don't need to consider your complaint so this issue should be put to bed