PPI not worth the paper it's written on

HELLO123

Barclays disability and unemployment benefits:
If you are working and become disabled or unemployed after the starting date for 14 consecutive days or more, we will pay one THIRTIETH of your monthly payment for each consecutive day you are disabled or unemployed.
If you are unemployed (not disabled) we pay the benefit for 360 consecutive days only.

Nasqueron

So....



What's the question?

societys_child

we will pay one THIRTIETH of your monthly payment for each consecutive day

:huh:
What's wrong with that? If you're unemployed for a month you receive a months payment. If you're only unemployed for three weeks you'd receive 21 days payment etc.


One thirtieth is the daily rate. Simple really.

HELLO123

In most cases you would of paid more than you ever got back if you were able to use it

Nearlyold

It's NOT 1/30th of the Monthly Premium per day in benefits it's 1/30th of the monthly payment you have insured yourself for.

e.g For a monthly Premium of £9 you might get a Monthly Payment of £300 if off work.

So for each day you're off work you get 1/30th of £300 NOT 1/30th of £9 - doh!

dunstonh

In most cases you would of paid more than you ever got back if you were able to use it

Potentially yes.

Typically £3pm for £100pm of cover means you pay £36 a year for £1200 of potential cover.

So, £1200 potential benefit costing £36 a year would take you just over 33 years to pay more than you could get back.

HELLO123

These quotes have come from the Barclayloan protection scheme certificate.
There like a car warranty with so many exclusions. pregnancy,miscarriage,abortion or problems arising from these were not covered. i wonder how many took out PPI for loans for cosmetic or beauty treatments not realising they wouldn't be covered if things took a turn for the worse.

Bermonia

Still not sure what the point of your post is...?

HELLO123

societys_child wrote: »

:huh:
What's wrong with that? If you're unemployed for a month you receive a months payment. If you're only unemployed for three weeks you'd receive 21 days payment etc.


you would get a months payment if unemployed for the first 6 weeks and if you reach 65 they would drop the unemployment cover and wouldn't get anything apart from life,hospitalisation and disability cover on a PPI

HELLO123

Bermonia wrote: »

Still not sure what the point of your post is...?

In a nutshell it was expensive rubbish that was hard to put a claim in for and preying on peoples naivety that if they had it they would more likely get their loan accepted.

Bermonia

What you have quoted is all perfectly acceptable and standard policy terms... given the administration costs it would be ridiculous to submit a claim every time you had a day or two off sick - this would be reflected in the price and make the policy considerably more expensive to cover.

There is little to no evidence that people were told they had to have it... in fact quite the opposite (common myth perpetuated by the claims companies... extremely rare this is found to be the case).

The reality is if you had cause to claim you would’ve been very thankful for the policy, understandably most people regret paying for insurance when they never needed to claim... doesn’t negate the need or desire for insurance at the time of the sale.

Again I must ask what is the point of this thread or your subsequent posts?!