Mis-sold Income Protection Policy

lynbeast

Hi there I hope you can help me, I have no idea where to start on this!!
I took out an income protection policy in 2005 when I became self employed and have been paying £63.44 per month since then.
I recently went to a financial advisor who told me I have been paying premiums for the cover of unemployment which being self employed is totally ridiculous! All in all over the years I have paid well over £5000 for something that was mis-sold and does not relate to self employment.

Where do I start in reclaiming the money? is there a form I can download?

Please help!!
thanks

Lyn

magpiecottage

Income Protection, known in the insurance industry as Permanent Health Insurance is very different from Payment Protection Insurance and pays out if you are too ill to work, if necessary until the term of the policy agreed at outset expires.

For a self employed person who, by definition, has no employer to rely on it is an extremely important form of cover.

That a "financial adviser" suggests it is a waste of money for you suggests they do not know what they do not know what they are talking about.

[Deleted User]

lynbeast wrote: »

Where do I start in reclaiming the money?

You can't and shouldn't try. This is a valuable insurance which is applicable to the self-employed.
I think this Financial advisor has confused this insurance with PPI. Bad mistake, I wouldn't be using him anymore.

dunstonh

That a "financial adviser" suggests it is a waste of money for you suggests they do not know what they do not know what they are talking about.

Probably trying to replace it with something else he can sell