mis-sold life insurance, how to claim?

beccaroyce

When we got our first mortgage (& current one) we were told we had to take mortgage protection & life insurance with them or we would not get a mortgage. We were clearly mis sold both policies. We have sent a ppi claim for being mis sold the mortgage protector. But does anyone know if & how to claim for being mis sold the life insurance?

huckster

Just make a complaint using the Insurers official complaints process and then if they can't resolve within 8 weeks take this to the FOS.

If you have bought this via the mortgage people, your complaint would still be with the Insurers who have received the premiums. Upon receipt of your complaint they will request all information that the mortgage people have, to assist them.

dunstonh

When we got our first mortgage (& current one) we were told we had to take mortgage protection & life insurance with them or we would not get a mortgage

Back in the 90s the lenders often forced it. Its only in the 2000s that it hasnt been compulsory (although technically it is allowed).

We were clearly mis sold both policies.

Virtually impossible to prove though.

We have sent a ppi claim for being mis sold the mortgage protector. But does anyone know if & how to claim for being mis sold the life insurance?

You can complain about the colour of the carpet in the office if you want. However, that doesnt mean you will be successful or not.

With life assurance it is easy. If you have no financial dependents and no financial need for the policy then it would be classed as a mis-sale. On the basis that you use the word "we", that would suggest that it was joint and it would be a pretty easy complaint rejection unless you have significant savings.

If you have bought this via the mortgage people, your complaint would still be with the Insurers who have received the premiums. Upon receipt of your complaint they will request all information that the mortgage people have, to assist them.

The complaint is made against the adviser, not the insurance company. Only if the adviser was an agent of the insurer would they handle it.

lordhaldon

I think dunstonh has has been extremely polite. Firstly, the claim is against the Co that the adviser worked for at the time and not the Co that accepted your premiums, unless they are the same. Yes there are timelines and 40 days is correct. That said, I bet you would not claim being mis sold if you had to - God (any) forbid - claim on the policy. I can't think of a mortgage, let alone a first time buyer mortgage that does not need a life assurance policy of some sort alongside it. Unless you have extenuating circumstances such as wealthy altrustic parents, lottery win in the bank, religuous reasons, cast iron guarantee that neither of you will drop off the planet before the mortgage is repaid etc, then you need life insurance. One reason FOS are so busy is the amount of chancers that are claiming mis-selling and the real claims are delayed. One of the reasons my life insurance premiums are higher than they should be is that financial services Companies pay out rather than contest a claim - and we all pay! At best, I would suggest the only thing that was wrong is that you had your eye on the prize (the mortgage) and you didn't shop around for the extras. You had all the paperwork! Re broke the life cover through an online site or pay for good advice and get an IFA.

I am not an adviser. Just someone that has more than a working knowledge of a great industry over more years than I care to mention!

lordhaldon

I didn't think I would get a reply.