Miss sold life insurance?

fergwod

I have discovered today that my endowment policy included lif insurance but that I was adivised to take out additional life insurance policies. This happened in 1983 and I paid into the policies for several years. Were these additional policies needed and if not can I reclaim?

OshayAway

fergwod wrote: »

I have discovered today that my endowment policy included lif insurance but that I was adivised to take out additional life insurance policies. This happened in 1983 and I paid into the policies for several years. Were these additional policies needed and if not can I reclaim?

No. Unless, hang on... are you the Highlander?

InsideInsurance

If you need more than one policy cannot be answered without know either what you were wanting to do or what limits etc were for each policy.

You wouldnt be the only person that has multiple policies

fergwod

So is it "no" the policies were not needed or is it "no" I can't reclaim or is it "no" to both?

fergwod

It was an endowment policy to buy property and it included life insurance. The lender then advised me to take out further life assurance/insurance for the same amount.

kingstreet

1983? Absolutely no chance.

If you had died, the plans would have paid out and whoever inherited your estate would have got the money.

fergwod

But the lender/adviser still lives in the town I live in... and I have the paperwork to show both endowment and life policies were active at the same time.

McKneff

so they only advised you, they gave you a choice.

Just thank the lord that they didnt have to be paid out, your family would have got the money and you would be six foot under.

These endowment policies will pay out or will have already paid out to you.

Endowment policies were supposed to be like that, people in those days used them for savings as well as the insurance part of it.

I had about 7 myself.

kingstreet

But the lender/adviser still lives in the town I live in... and I have the paperwork to show both endowment and life policies were active at the same time.

That may be the case, but in 1983 there was no regulation of the sale of life assurance. The Financial Services Act consumer protection provision started in April 1988, with other regulations being introduced in the years since.

Putting it simply, if you had died, the policy/ies would have paid out and there's simply no mechanism for the claim that "I was single with no dependents" that far back.

_Andy_

So you were so bothered about them and felt they were so un-needed that you waited from 1983 to 2012 to query it? !!!!!!?

fergwod

Many thanks for the information and advice. I paid into these policies for 13 years and the advisor meanwhile set up his own financial business away from the Building Society he was working with when he advised us... and is living a very high life style on money obtained from people like me, who trusted him. Too late for me to benefit but in time to help my family be more vigilant when taking out mortgages.