MPI age limit of 65!

lawrie_b

I have 24 MONTH mortgage protection insurance for redundancy through Payment shield with a 60 day excess which you don't get back - that's fair enough and presumably reflected in a lower premium. I have recently filed a claim after 16 years of paying premiums. Whilst I only have 10 months of my mortgage left to pay, I noted on their terms and conditions, they say that cover will cease after reaching the age of 65. With the excess and possible age restriction, I'll be lucky to get two months re-reimbursement at the end-up. having paid in around £13k . On the face of things, it is considerably penalising me as my mortgage ends 5 months after the eligible age - ( I am 64 and a good bit). Why they didn't increase the age limit in line with retiral age changes seems a bit calculated.

Can anyone advise whether they actually honour their commitment on the renewal certificate recently received - to pay out in full for the remainder of the mortgage for the 24 months of cover or until settled within that period of cover, in the knowledge that the claim was made and approved whilst still 64 years old? Or as I suspect, will they stop paying out the minute the birthday candle is lit? The reason for asking is that I have received contradicting answers from the customer services, but then they seem to change their mind when asked to confirm what they had just said i.e. that they would continue with full payments as the claim was registered prior to cover ineligibility through age. One even latterly commiserated saying "it's just bad luck mate!" Made me feel all cozy.

Altogether it seems a bit ageist, whilst paying the same premiums for the same cover as everyone else, had I been a year younger or become redundant 6 months earlier instead of foolishly hanging on for hope of a business upturn, it wouldn't be an issue. If anyone has experience of this, I would love to hear from you - many thanks

jonesMUFCforever

They will honour what is stated in the policy - no more no less.

dunstonh

Why they didn't increase the age limit in line with retiral age changes seems a bit calculated.

Don't mistake state pension age as a retirement age.    The average retirement age in the UK floats around 62-63.

Can anyone advise whether they actually honour their commitment on the renewal certificate recently received - to pay out in full for the remainder of the mortgage for the 24 months of cover or until settled within that period of cover, in the knowledge that the claim was made and approved whilst still 64 years old? Or as I suspect, will they stop paying out the minute the birthday candle is lit? 

The terms are black and white.  No more or no less.