Was I miss-sold life insurance

my partner and I got our first mortgage back in June 2006. Being young and inexperienced in such matters, we pretty much signed up for everything Northern Rock threw at us. We have already successfully claimed back the PPI insurance that was sold alongside the mortgage but now I'm wondering about our life insurance policies with Legal & General.

most people take out life assurance with a mortgage. You clearly had a financial need unless your complaint is that you are immortal.

Basically, we were each sold our own policy as well as a joint one - being told at the time that this was needed. Looking at L&G's website now, it lists the pros and cons of a single or a joint policy - I can't seem to find a reference to them suggesting both.

It is very common to have single policies as well as joint. Often people have uneven needs. One is a higher earner than another for example. Or one has greater pension benefits. Multi-policy recommendations are very common. Nowadays, these tend to be handled by multi-segment plans. However, in 2006, multi-segment plans were not common. So, individual plans were typically used.

Would I be correct in thinking this is a potential miss selling of a policy and if so, would it be possible to claim back the payments made in a similar way to PPI?

No. Nothing you have said has suggested anything unusual or wrong. A cohabiting couple would typically need life assurance for the mortgage. That is one need covered by a decreasing term assurance. They would also likely need life assurance to cover lost income and pension benefits. That need is likely to be different for each partner. So, a separate plan each would not be unexpected. Indeed, it would likely be cheaper than a joint plan covering both to the full amount. Especially if you were in your 20s at the time.

However, if you were sold duplicate insurance with SIGNIFICANT OVERLAP OF COVER then you may get a refund.

If it was two decreasing term assurances that that is overlap. In this case though, it appears there is no duplication. It appears there is one of the mortgage and one each to protect income/pension/family.

A really crude guide that is meant to get you thinking of the level of cover you may need is ten times your income plus your debts. It isnt fine tuned or personalised but is the sort of level that is in the typical ballpark.

StuC75 wrote: »

Not sure why you think the advice given were 'Smartass Comments'?

Lots of comment removed from this thread…
However, I agree the OP's reaction is largely because no one agrees with him.

I think I made some stupid remark that was removed.

I think the point people get at is that if the policy holder had died and policy paid out the OP would not be here alleging it was mis-sold. The problem with these forums is that it gives people the impression that insurance is wrong to have and refundable when its not.

Some people who post seem to get quite upset they havent benefitted from insurance policies, but forgetting that insurance is to cover unforseen events.

dunstonh wrote: »

The post was full of swearing and the sort of thing that most people would have been PPR'd for. It was one of the foulest mouthed attacks I have seen on the board before. However, there was nothing to really provoke it. Other than the fact we couldnt agree that it was mis-sold.

Yes, Roonaldo's post was very very tame in comparison to that of the Op's. Both posts have disappeared.