I have a HSBC policy called “mortgage protection plan with critical illness benefits”.
Is this a form of PPI?
From memory we took this out with our 1st mortgage in 2001 and I recall the advisor saying that our application would be looked upon more favourably with this, though nothing in the documents we have mentions paying the mortgage, just a lump sum and monthly payments up to 50% of my gross salary.
Then in 2006, when we took out a new mortgage for our current house I was asked to provide evidence that we had life insurance to cover the full amount of the mortgage. They were basically trying to get me to increase the cover on the above policy, but I already have other policies.
Do you think I’ve got a good case for demanding my premiums back and cancelling the policy?
