what if any is the case if you think you have been mis-sold life cover?

twirlypen

My husband and I have life cover on our mortgage so if one of us goes 1/2 the mortgage will be repaid this costs uas about £70 -80 per month we have just renewed with a new deal.

five years ago I had a financial review with my bank at the time A&L and I was 35 weeks pregnant with our first child at the time earning around £2,000 a month - they sold me two things during that review one was a long term savings plan where I committed £100 per month and one a personal life insurance cover to provide a small income to my family if something happened to me £35 per month... I was feeling vulnerbale given the upcoming birth of my first child and they tugged on my heart strings to get my bussiness. At no point did they ask me whether I would be returning to work, what my maternity packages was like etc... The savings account I paid in £300 and froze all payments the account is dormant. The insurance I have been continuing to pay not knowing what to do for the best - Its a 21 year policy I think but don't really know what it all means? ! - The up shot is I have been made redudant as the result of public service spending cuts and now my income has drastically reduced. I could really do with not paying that £35 per month but will be gutted to see the last 5 yrs worth of payments dissapear in to nothing... an expensive mistake. Would really welcome views or comments.

Thanks for reading.

kingstreet

You would have to demonstrate the cover was inappropriate in some way and failed to meet your circumstances or affordability.

opinions4u

Child on the way. A partner and an income.

If you died it would have made things difficult for child and partner.

Life cover would make your death easier to cope with financially. 21 year term fits in with typical dependency period for a hild.

So I can't see that it has been mis-sold. In fact it met a clear and defined need at the time of sale.

twirlypen

Thanks both of you. Helpful.

dunstonh

Insurance is only a waste of money if you never claim on it. If a claim is needed then it is a godsend.

There are actually very few life assurance complaints recorded and most get rejected. Typically, you would have to show no financial need for it and bad advice given but as remarked above you do clearly have a financial need for it and the advice seems good. Indeed, had they not recommended it and one of you died then you would have grounds for complaint then.

chewback

I hope that my life insurance is the biggest waste of money I have ever spent. However, if i do die then my family will think it is the best £100 per month that I ever spent.
Twirlypen, are you upset that you haven't died in the last 5 years?