Can I reclaim on mis-sold mortgage life insurance?

Susierob

My husband & I got our first mortgage in Sept 2002 & were told we HAD to take out life insurance. We have being paying £25 a month for almost 10 years now. We didn't want the policy but had no choice. We have never been sent any updates on the policy & have no record of it so I have no idea what the t&c's are. I think it was with Norwich Union at the time which is now Aviva.
I have been searching online & there's lots of info for PPI but not for life insurance, is it the same procedeure or does anyone have any advice on whether we can make a claim or not?

dunstonh

My husband & I got our first mortgage in Sept 2002 & were told we HAD to take out life insurance

A couple of issues there.
1 - if it was mandatory (and many banks used to have life assurance as a mandatory requirement) then that is allowed and not a mis-sale
2 - if it was not mandatory and you were incorrectly told, chances are you cannot prove it. It is just an unprovable verbal allegation and complaints on that basis rarely result in success.

We have never been sent any updates on the policy

They dont. There is nothing to update.

& have no record of

You are told to keep hold of the policy document. However, life assurance is straightforward as mainly you are either alive or dead. Fairly black and white.

I have been searching online & there's lots of info for PPI but not for life insurance, is it the same procedeure or does anyone have any advice on whether we can make a claim or not?

I wouldnt bother. Chance of you being able to prove your allegation is near zero. It was a joint mortgage. So, you did need to have it from a financial point of view. So, you cant complain about that. It was medically underwritten at the start (so you cant complain about that) and its set up with monthly premiums (so you cant complain about that). So, all the things that work with PPI wont work with life assurance.

Susierob

Thanks for your reply. I will see what other info I can gather first as I still feel we were mis-sold this policy. Our mortgage is almost paid off but if we do require this cover then I'm sure we can find cheaper.

magpiecottage

It is also worth noting that, although term assurance is a form of general insurance, it was never covered by the GISC code of practice. This means that you would only be able to complain if the firm that sold it to you voluntarily submitted to FOS jurisdiction at the time. That really limits you to a bank, building society or insurance company,

ess0two

Susierob wrote: »

Thanks for your reply. I will see what other info I can gather first as I still feel we were mis-sold this policy. Our mortgage is almost paid off but if we do require this cover then I'm sure we can find cheaper.

Cancel it then,if either of you croak it,then you know the score reagrding a pay out.

dunstonh

I will see what other info I can gather first as I still feel we were mis-sold this policy

If it was mis-sold then you provide the evidence. If you have none then expect it to be rejected.