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MIS-SOLD LIFE ASSURANCE - PLease Help!

kenzie123 · 2012-09-21 10:25:32

Hello, Wondering if anyone can give me some advice - my parents had a life assuramce assurance policy - it was completely mis-sold to them in my eyes - they didn't know what it was for, they signed up for it, money went out my direct debit over 14 years (£80 a month!) and they were never contacted about it by post / email…

Comments

dunstonh Posts: 120,019 Forumite

21 September 2012 at 4:00PM

I think some lenders also used to insist on lifeinsurance being in place - but that was before my time as an advisor.

Most lenders insisted on life assurance until around the mid 90s. I was doing it back then and you used to have to give the lender the policy document and you kept a copy. Insurers used to issue two documents back then. I suspect it isnt likely to be the case here as the lender would insist on the full amount being covered. Not a reduced amount due to budget.

I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.

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