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life insurance rip off
willowman15
Posts: 5 Forumite
Can any give me some advice. when we first took out our morgage some 18 years ago we were sold some life insurance so we could get the morgage, that started off with low payments and would increase each year with inflation, this has been ok for us over the years as the payments when we stared were about £32.00. now they are £ 42.07. not bad over 18 years, with the life cover being £78,000.
but now they want to increase the monthly payment to £95.54 to keep the same cover or to keep the same monthly payment that we pay now our live cover would be £34,000.
on the letter is states the the policy can be cashed in so i phone them to enquire and was told i would get back if i sold the policy £904. not a fat lot considering ive paid them for the last 18 years.
i was also sold a morgage protection policy which pays our morgage if i should pass away or cricical illness, which ive got with the life insurane. can you have 2 policy's that are indentical? would both pay out?.
does anyone know if i can make a claim for being sold a policy that would reduce its value so much with out me knowing.
thanks
barry ( willowman15 )
but now they want to increase the monthly payment to £95.54 to keep the same cover or to keep the same monthly payment that we pay now our live cover would be £34,000.
on the letter is states the the policy can be cashed in so i phone them to enquire and was told i would get back if i sold the policy £904. not a fat lot considering ive paid them for the last 18 years.
i was also sold a morgage protection policy which pays our morgage if i should pass away or cricical illness, which ive got with the life insurane. can you have 2 policy's that are indentical? would both pay out?.
does anyone know if i can make a claim for being sold a policy that would reduce its value so much with out me knowing.
thanks
barry ( willowman15 )
0
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