canceling my decreasing term assurance

gazza1982

i want to cancel my decreasing term assurance with critical illness cover which is with legal and general, as i feel that i do not benefit from this and feel that it was miss sold.

Can i cancel this policy without any penalty and could i claim back the money that i have paid for this policy?

thanks

feisty1

Why do u feel u have been mis-sold?.....Why didn't u raise yr concerns with the adviser at the point of sale?
No you cant claim premiums back just like u couldnt claim yr car insurance back
If you have a mortgage or other commitments and stop yr insurance, how would you meet yr financial commitments in the unfortunate event u developed a critical illness and lost yr income

feisty1

ive just realised it is DTA, so yes you do have a mortgage, i cant see how u could have been mis-sold as this is an excellent policy to protect a mortgage & i somehow feel u don't have an alternative in place

dzug1

gazza1982 wrote: »

i want to cancel my decreasing term assurance with critical illness cover which is with legal and general, as i feel that i do not benefit from this and feel that it was miss sold.

Can i cancel this policy without any penalty and could i claim back the money that i have paid for this policy?

thanks

In what way do you feel you do not benefit from it? Looks a no-brainer to me.

You can normally cancel this type of insurance without penalty (unless it's a condition of the mortgage, in which case you would have to pay that back at the same time) but I can't see you getting premiums paid to date back

dunstonh

If you had no financial need for the policy then you could argue and succeed in a mis-sale. If you have a financial need (such as spouse, partner and children) then you have no chance.

The fact CI is included means you do have a financial benefit from it and unless you have other CI cover then you had a financial need as well. So, I wouldnt rate the chances of being very good unless you didnt need the life assurance.

_Andy_

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