Mortgage protection and have no mortgage

col2012_2

Hi this might sound a little confusing but i pay the Halifax for a mortgage protection plan but do not have a mortgage. The plan payed out when my wife suffered a critical illness, But when i tried to cancel the plan after settlement as we had no mortgage the advisor convinced me that it would be worth my while keeping the policy in force.
This I did as I felt slightly pressured into doing so, that was 4 years ago. After being unemployed for 2 years and no sign of getting back into work (too old and self taught)

My Question is can I claim this was miss-sold and get back my premiums back

dunstonh

Hi this might sound a little confusing but i pay the Halifax for a mortgage protection plan but do not have a mortgage. The plan payed out when my wife suffered a critical illness, But when i tried to cancel the plan after settlement as we had no mortgage the advisor convinced me that it would be worth my while keeping the policy in force.

What type of policy is it? You dont say. Halifax policies are segmented so they can cover income protection, decreasing term assurance, level term assurance, MPPI all within the same policy. It could be that the CI element has paid out but the remainder is life assurance. In which case, given your wife's critical illness, it would be common sense to keep it running.

My Question is can I claim this was miss-sold and get back my premiums back

First of all, it was not mis-sold. Mis-sale relates to the point the policy was taken out. Nothing you have said goes to the original sale and indeed, you have had a payout on the policy (which is almost certainly more than the premiums paid).

if you complained, they could upheld the complaint and not pay you a penny as the redress method is premiums paid minus payout on any claim plus interest. However, before you even get that far you need to find out what it is you are covered for.