Critical Life Insurance

All_things_bright_and_beautiful

Years ago I set up a business account at Lloyds TSB, back in 2002/03 or around that time.

I was told by them (Orally) that to be able to have an account/overdraft I would need to get Critical Illness cover and have continued to pay it even though my work stopped a few years ago.

Is there a chance I could claim this back (Like the PPI)?

Many thanks

dunstonh

Is there a chance I could claim this back (Like the PPI)?

Unlike PPI, critical illness cover and life assurance is set up under an advice process. So, you have an unprovable verbal allegation vs a factfind, needs analysis and report. You also have a financial need for those things as you have a debt. It is common sense for debts to be protected.

The other issue is that it is very common for banks to insist on protection for business clients. They are allowed to do this. So, all they have to do to combat your potential complaint is say they did require it. In that case your complaint is dead in the water even without having to look at the documents.