Missold Critical Illness Cover!

jasminesmum_2

Hi everyone,

This is a bit long, but just wondered if anyone can help / tell me who to send my complaint to / if I've got a leg to stand on.........

After recently reviewing our finances, I have discovered that we have been paying out for Critical Illness Cover on two separate policies. The first is a Decreasing Term (without profits sum assured) Life policy with Aviva and was taken out on our behalf in July 2002 by our Independent Financial Adviser. Until today, we thought it was solely a Life Insurance policy for our mortgage, as it was sold as such by our IFA.

However,I discovered today that this covers both myself and my husband and our children for a broad range of critical illnesses and traumatic head injury. In October 2005, my husband was sold a separate individual Elixa 123 Personal Critical Illness policy by the same Independent Finacial Adviser, with Unum Provident. As we fully trusted our adviser, we believed he was selling this policy to my husband in good faith for services which he needed. At the time, he made a great deal of the fact that should my husband, the sole income provider for the family, become critically ill, we could be in deep finacial trouble if he didn't take it out.

Now I have uncovered this, I have analysed the costs involved and it appears that we have paid over £2300 in premiums since the policy began in 2005. I believe that had we known about the critical illness cover provided by the Avivia policy, my husband would not have taken out the Unum policy and we feel cheated out of over £2000. However, who is to blame (us, Aviva, Unum, the IFA?) and can we claim this money back from our IFA or Unum as the policy was effectively missold?

Thanks, Becky

dunstonh

At the time, he made a great deal of the fact that should my husband, the sole income provider for the family, become critically ill, we could be in deep finacial trouble if he didn't take it out.

All of which so far makes sense and is correct.

However, who is to blame (us, Aviva, Unum, the IFA?) and can we claim this money back from our IFA or Unum as the policy was effectively missold?

I am struggling to see any mis-sale. The Aviva policy is a life & CI policy on a decreasing term basis which would suggest it is in place to cover the mortgage. So, that still leaves a shortfall on personal cover. So, the second policy makes sense from an advice point of view and an absolute doddle to justify. The justification reasons seem to be spot on and correct. Therefore any complaint on this basis would be an easy rejection.

roonaldo

So why do you feel it was mis-sold? taking insurance in itself does not mean its mis-sold.