Posted by Tim Capper

Can I Claim PPI for a Deceased Parent?

After a parent passes, one of the routine things that children are left dealing with are the “loose ends” of their parents estate and financial dealings. This includes handling all their outstanding debts, as well as taking inventory and managing any insurance policies they may have taken out on said debts. Many parents, in an effort to both manage and provide protection for both themselves and their children against their debts, bought into insurance policies that are designed to ensure the repayment of debts upon death. Understanding these policies, as well as one’s ability to claim PPI and what that means can make the whole picture a lot clearer.

Claim PPI for a Deceased Person?

Yes. The claim becomes part of the estate of the deceased. You can file a claim, and it will be distributed accordingly.

Maple Leaf Financial will review your PPI Claim and will be happy to discuss your individual concerns and requirements : 0800 7747624

What is a PPI?

PPI stands for payment protection insurance. It is an insurance policy against debt. This insurance is similar in ways to life insurance and is often obtained through a bank or other financial institution. The policy is designed to help ensure that upon death or inability to repay debts, they will be managed and covered through the policy they’ve paid into. Premiums are paid for these services and they are intended to make growing old, or their passing, easier for themselves and their children. This is a means of self-protection in the event that one finds themselves unable to work or provide for the management of their debts, or, alternatively, as a means for ensuring that their debts will be easily managed upon their passing.

However, older people can often be confused and thus duped in the face of complex modern financial instruments. There have been countless stories of people paying premiums for years on policies that they were unable to claim on as they were ineligible for some reason. Many of these policies have pages of stipulations including age and health that would render many who buy into these policies ineligible from actually claiming against them, which is against the law or, at the very least, morally suspect. Most older people generally have no idea that there is a problem and continue to pay their premiums, only for them or their children to find out that they have been wasting their money for years on a policy the parent was not even eligible for.


Can a Child Claim PPI Upon Death of a Parent?

In most cases, the child can claim PPI for their parent upon death or transfer of power of attorney. This means that the child can file a claim against the insurance in order to pay outstanding debts as implied by the policy. The money from the claim is not given to the child, rather, it is used for debt repayment on outstanding loans, credit card debt or other approved debts.

There are times where children pay off their parents debts, not knowing that they carried PPI policies. These payments can be reimbursed through filing the appropriate paperwork. Repaid debts on a policy that was insured is a common occurrence and it is important for children to find out about any PPI policies as they may be paying out money that would otherwise be covered through their parents’ insurance policy.

As the agent of the estate, you will need to ensure that your parent’s policy was not mis-sold. Oftentimes, policies were extended to those who were not actually eligible to make a claim on said insurance. Meaning, they paid premiums on insurance for years that they would never be able to use. There are also means by which the child, as the agent of the estate, can seek retribution for these costs and use those monies as a means to repay the debts of the deceased parent.

Though many PPIs are mis-sold, those payments can often be recouped and used towards the repayment of outstanding debts. PPIs are intended to be insurance policies to ensure that debts are paid in the event of death or other inability to pay said debts. When a parent dies, children are left to wrap up the estate and manage any outstanding debts. An understanding of these policies, as well as how to make a claim for them, can make the process a lot easier on the child.

Claiming PPI: Resource

Payment Protection Insurance (PPI) Explained

Payment Protection Insurance (PPI) has played an interesting role in the world of finance over the past several years. This insurance product is intended to protect both the borrower and the lender in the event that the borrower becomes unable to make loan payments, but the product is often misunderstood. Furthermore, while the product is intended to provide a valuable safeguard, it was often abused and led to significant regulatory reforms as well as lawsuits with damages reaching well into the billions. Given the ongoing prevalence of this type of product, consumers will be benefited from understanding PPI, what is does and how it can be abused.


PPI Claims Service, UK

Maple Leaf Financial have a specialist team of solicitors dedicated to dealing with the mis-selling of payment protection Insurance (PPI) products by the banks. We are happy to review these PPI products and to claim compensation for our clients where appropriate.

We will work with you to ensure that you get the correct PPI settlement or refund and any and all fair compensation that may be due to you as a result of PPI mis-selling. We will deal directly with your PPI provider, be it a bank or insurance company and neither we nor our specialist claims team will be fobbed off by them at any stage. If their offer is too low or derogatory and they won’t take us seriously we will challenge them on your behalf.


Money Saving Expert with tips on PPI mis selling

We came across a wonderful interview from Martin Lewis aka the Money Saving Expert on tips about PPI mis selling. We are bombarded with TV ads for PPI mis selling and telephone calls for PPI claims, but what does it all mean? Martin Lewis, the Money Saving Expert helps to explain the facts.


PPI Claims FAQ

You can claim on PPI – Single Premium Policies. This type of policy is paid for in full and upfront to the insurance company at the beginning of the policy. Most loan companies will finance the full cost of the policy by adding the cost onto your loan. They forget to tell you that you will also be paying interest on that amount at the loan interest rate for the full term of the loan. You can also claim on the monthly PPI premiums that have been added to your credit card.


Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim

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