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    • captainkevey
    • By captainkevey 15th May 18, 9:07 AM
    • 5Posts
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    captainkevey
    prudential pension payment protection long and short term ?
    • #1
    • 15th May 18, 9:07 AM
    prudential pension payment protection long and short term ? 15th May 18 at 9:07 AM
    hi guys a little bit of help please
    i received a letter off the prudential saying " your prudential pension payment protection will end this year ...this is not ppi which is short term protection and classed as long term protection cover over 5 years "
    when i took out a pension i was and still am self employed i did not knowingly agree to so is this a miss selling on behalf of the prudential or is there a difference in long term..short term ppi ?
    thanks
    kev
Page 1
    • dunstonh
    • By dunstonh 15th May 18, 10:06 AM
    • 95,763 Posts
    • 63,460 Thanks
    dunstonh
    • #2
    • 15th May 18, 10:06 AM
    • #2
    • 15th May 18, 10:06 AM
    when i took out a pension i was and still am self employed
    Excellent. Good to see you take out the right product option. Waiver of contribution was particularly suited to the self-employed.

    i did not knowingly agree to so is this a miss selling on behalf of the prudential or is there a difference in long term..short term ppi ?
    you did know because:
    1) unlike PPI, you would have filled in a medical questionnaire and given GP details.
    2) the pension quote issued at point of sale would have included it
    3) the policy schedule would have included it
    4) the reasons why letter would havee included it (and it was best advice to include and document why it wasnt taken out when it wasnt)
    5) the cancellation rights included a requote which included it.

    More likely you have forgtton.

    Plus it's not PPI. So, yes, it is very different to PPI as its not PPI.
    Last edited by dunstonh; 15-05-2018 at 10:20 AM.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Nasqueron
    • By Nasqueron 15th May 18, 10:07 AM
    • 5,958 Posts
    • 3,604 Thanks
    Nasqueron
    • #3
    • 15th May 18, 10:07 AM
    • #3
    • 15th May 18, 10:07 AM
    Why not ring them up and ask?

    Being self-employed is irrelevant if the policy covers self-employed workers

    It's likely the policy would have been taken out with a comprehensive review if it was sold through a broker and their documentation will show you agreed to it. Are you sure it's not some form of PHI though not PPI?
    • Nearlyold
    • By Nearlyold 15th May 18, 5:54 PM
    • 1,165 Posts
    • 997 Thanks
    Nearlyold
    • #4
    • 15th May 18, 5:54 PM
    • #4
    • 15th May 18, 5:54 PM
    Pension payment protection is often called "Waiver of Premium". If you are unable to work due to illness or injury it will pay your pension premiums for you after a deferred period until you are either fit for work, you have reached your nominated retirement age, or you have reached the max age for Waiver allowed under the policy (typically 60-65). The benefit can be indexed under some plans so payments increase.

    It would be a difficult benefit to miss sell - it covers employed and self employed with no problem - it doesn't cover unemployment either voluntary or involuntary.
    • captainkevey
    • By captainkevey 15th May 18, 6:19 PM
    • 5 Posts
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    captainkevey
    • #5
    • 15th May 18, 6:19 PM
    • #5
    • 15th May 18, 6:19 PM
    ok thanks for your help
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