Do I have PPI

toals

We used a broker when we purchased our house in 1999 and the mortgage company insisted that we took out mortgage assurance. However, we had to take this out as a separate policy with the Scottish Provident, as it wasn't offered by the mortgage provider. My husband was/is self employed and the insurance doesn't cover him if he is out of work, therefore we only have death cover for him, so not much use. I have looked several times at changing it, but had been advised that we can no longer get this type of insurance, and still wanted cover for critical illness for me and death cover for both of us. With the deadline for PPI I'm confused, is this PPI or mis selling of insurance.

SonOf

We used a broker when we purchased our house in 1999 and the mortgage company insisted that we took out mortgage assurance

nearly all lenders required life assurance for a mortgage up until the mid to late 90s with a few stragglers into the early 2000s. They then dropped that requirement. Although most sensible people still take out life assurance on the mortage.

My husband was/is self employed and the insurance doesn't cover him if he is out of work, therefore we only have death cover for him, so not much use.

It is life assurance. Life assurance pays out on death. Its nothing to do with your job.

With the deadline for PPI I'm confused, is this PPI or mis selling of insurance.

it is not PPI and nothing you have said indicates it was missold.

foxtrotoscar_2

No and No. BTW death cover is not useless.

toals

Thanks for your prompt reply, sorry what I should have said was he is not covered for interest waiver benefit, if he is out of work for prolonged period of time, it only covers me.

SonOf

toals wrote: »

Thanks for your prompt reply, sorry what I should have said was he is not covered for interest waiver benefit, if he is out of work for prolonged period of time, it only covers me.

That is not an issue. It can be used to cover one, both or none. Waiver is not about not being able to work due to health. Not due to unemployment. It is considered best advice to include it on policies.

e.g. (no waiver) you have life assurance to repay the mortgage but you become ill and cannot work. You cant afford to continue paying for things so you stop paying for them. The illness gets worse and you die. As you cancelled the life assurance, there is no payout.

e.g. (with waiver) you have life assurance to repay the mortgage but you become ill and cannot work. You cant afford to continue paying for things so you stop paying for them. However, the Waiver takes over paying the life assurance for you. The illness gets worse and you die. The life assurance pays out and the surviving spouse doesnt have to worry about losing the house.

Do not mistake waiver of premium for PPI. it is not the same thing

foxtrotoscar_2

toals wrote: »

Thanks for your prompt reply, sorry what I should have said was he is not covered for interest waiver benefit, if he is out of work for prolonged period of time, it only covers me.

It's not PPI! Are you complaining about NOT being sold PPI? Having death insurance cover was/is not useless.