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  • FIRST POST
    • pigieon widow
    • By pigieon widow 13th Oct 18, 11:40 PM
    • 2Posts
    • 0Thanks
    pigieon widow
    Paymentshield mppi
    • #1
    • 13th Oct 18, 11:40 PM
    Paymentshield mppi 13th Oct 18 at 11:40 PM
    Hi, i bought mppi with paymentshield after i was told by my mortgage company i needed to. I had paymentshield recomended through a broker. I also already had critical illness insurance cover with coop. Ii wanted this company also as i am a carer and this was covered in the policy. In Jun 18 i was made redundant after 20?years and my company filled all details for Paymentshield for when i left. As my husbands illness was worse and the caring of my husband , my son & my mother had recently gone into a residential, the toil of caring had affected my health. I therefore chose to recover and concentrate for a while when redundant. Long storyshort. They refused yo pay my mppi. Reason - i either didnt sign on and claim jsa( i wouldnt have recieved payment anyway due to redundancy money, or claim on carers- wouldnt pay that either as i didnt leave work to care but was made redundant! My company asked why i had mppi as i had 6 mnths sick at work and similar holiday plus life insurance and i also had my mortgage decreasing illness cover. So did i really need this mppi. ?Please advise. Thank you.
Page 1
    • Moneyineptitude
    • By Moneyineptitude 14th Oct 18, 12:24 AM
    • 22,313 Posts
    • 11,896 Thanks
    Moneyineptitude
    • #2
    • 14th Oct 18, 12:24 AM
    • #2
    • 14th Oct 18, 12:24 AM
    . They refused yo pay my mppi. Reason - i
    didnt sign on and claim jsa
    Originally posted by pigieon widow
    It's a condition of the insurance that you do so, regardless of the fact that you would not have received Job Seeker's Allowance.

    You certainly cannot argue the policy was mis-sold solely on that basis, I'm afraid. You posted about this back in July.

    Payment Shield is a well regarded insurance still retailed today.
    • dunstonh
    • By dunstonh 14th Oct 18, 12:35 AM
    • 95,346 Posts
    • 62,949 Thanks
    dunstonh
    • #3
    • 14th Oct 18, 12:35 AM
    • #3
    • 14th Oct 18, 12:35 AM
    I also already had critical illness insurance cover with coop.
    Which doesnt overlap with MPPI in any way.

    I therefore chose to recover and concentrate for a while when redundant. Long storyshort. They refused yo pay my mppi. Reason - i either didnt sign on and claim jsa( i wouldnt have recieved payment anyway due to redundancy money, or claim on carers- wouldnt pay that either as i didnt leave work to care but was made redundant!
    That all sounds totally correct and normal. The FOS are quite happy with the requirement that you must sign on. Otherwise you are not unemployed. You are choosing not to work.

    My company asked why i had mppi as i had 6 mnths sick at work and similar holiday plus life insurance and i also had my mortgage decreasing illness cover.
    Life assurance doesnt overlap with MPPI in any way. And you were made redundant. So, clearly there was a financial need.

    Doesn't appear to be any issues here. Paymentshield is a high-quality provider. You had a financial need and it didnt overlap with any other plans you had. So, sale seems justified.
    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.
    • LABMAN
    • By LABMAN 14th Oct 18, 1:04 AM
    • 944 Posts
    • 1,614 Thanks
    LABMAN
    • #4
    • 14th Oct 18, 1:04 AM
    • #4
    • 14th Oct 18, 1:04 AM
    Redundancy payment money does not affect contribution based JSA.
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