standalone insurance

dumb_blonde

this shows how thick i am when it comes to financial matters .I didnt know that when you took out things like mortgage and loans that you could get stand alone insurance.I thought that you either took the optional insurance or you didnt.Is it just me???

di3004

dumb_blonde wrote: »

this shows how thick i am when it comes to financial matters .I didnt know that when you took out things like mortgage and loans that you could get stand alone insurance.I thought that you either took the optional insurance or you didnt.Is it just me???

Hi there hun

Your not thick hun.;)

I have been there and so have loads of others, I used to think when taking out finance that the insurance was part of that, as I was never told "Insurance was optional" otherwise with not being financially minded like sort of thing as that was not me.

But now we do have some stand alone covers, works out loads cheaper, but no to worry, we all learn.:D

~Brock~

dumb_blonde wrote: »

this shows how thick i am when it comes to financial matters .I didnt know that when you took out things like mortgage and loans that you could get stand alone insurance.I thought that you either took the optional insurance or you didnt.Is it just me???

Depends on the status of the person (advisor) that you are dealing with. If they can only offer you their own insurance, then you have the choice of buying that or nothing...........through them.

Yes, you can buy it elsewhere, but it is not their job to tell you to go and buy it elsewhere, although it is their job to tell you that it is optional, which by the wording of your post they appear to have done. There is nothing within the FSA's rules to suggest any different.

A very simple analogy.....It is not the job of a cashier in Tesco to tell you that you can also buy that can of beans from Asda.

dumb_blonde

Yeah i know what u mean,Im not trying to say i was mis-sold these things just that I could have saved money over the years and through my own ignorance, I didnt

~Brock~

dumb_blonde wrote: »

Yeah i know what u mean,Im not trying to say i was mis-sold these things just that I could have saved money over the years and through my own ignorance, I didnt

Fair enough, but you could also have been hit by a bus, spent a year in hospital, and have had all your loan payments made on your behalf by the insurance.

Life is full of uncertainties, and insurance is there to cover against them.;)