Other Payment Protection

Hi Guys,

My OH is currently out of work on long term sick benefit but not enough to make a claim.

I expected that our policy covers us in the case of illness, and yes it does, except that you must be out of work for at least 90 days to attain one payment. They have, in their policies, a NEW term stating they do not pay for the first 60 days.

This applies both to Illness and Redundancy.

I was unable to make a claim for unemployment recently because of this, having secured a job in 82 days.

Now my OH is out of work since the 16th August but now we will not be in receipt of any monies.

Im obviously very annoyed at their stealth at introducing these terms. They tell me that it was a joint agreement between EBS and their underwriters and wrote to all policy holders. They sent me a copy of this and it was very well hidden in the terms. Hindsight I should have paid more attention.

NOW, Question time.

(1) As the Payment Protection applies to both my EBS Mortgage and my BOI Loan, both magically underwritten and policies assessed by Genworth, is it possible to cancel my PPI and move it to another company?

(2) Should I cosult a broker?

You'll have 2 PPI policies, one for the mortgage and one for the loan. You can of course cancel them and get your PPI from a different insurer.

You'll probably find that the new insurer has very similar terms and conditions as your current policy though.
You will probably have to serve a waiting period on any new PPI policy you sign, i.e. you won't be able to make any claims at all in the first 6 months of the new policy.

Up to you whether you want to consult a broker to get a new PPI policy, or ring around insurers yourself.