Mis-sold Life Insurance

dunstonh

I wasn't wishing to cast doubt on the FAs - I have dealt with a lot of these PPI claims and quite frankly feel a bit cross with clients when they look dismayed that the refund will be taken off their loan/arrears - I now refuse to take any of those instructions.

And PPI is not generally regarded as a PPI issue. The FOS have stated that just 0.2% of complaints they deal with on PPI are advised. It frustrates me somewhat the way the "adviser" tag is used by companies to give to any old so and so who is not qualified, not an adviser and is just a poorly trained sales clerk who is given an adviser name in their title. Real advisers are tarnished. Manager is another title the banks in particular like dishing out to people who are not managers.

I have learned another valuable lesson though - only lurk in forums unless you want to be shot down in flames!

If you want to get flamed then add your occupation status in your job title. Its a magnet for those who want to blame you for all their woes with something.

clarissamcphee

Hello,
I sympathize with you and have posted a question elsewhere on this site by will repeat it here as it is relevant to your enquiry and I too seek help.
I currently have two life insurance policies, the second was started about six years ago on the advice of a home insurance broker when I made a claim for my kitchen cabinets collapsing. Random but true.
I didn't question it at the time but from reading various articles recently I wonder if I have been mis-sold this policy and can I reclaim it?
I have remortgaged my house since first taking out life insurance so I am actually thinking maybe it was recommended by Northern Rock instead of the house ins broker. Can't remember.
But both policies are with Aviva.
Any advice out there that doesn't involve mocking my green-ness?
Thanks in advance.

Lizald

clarissamcphee wrote: »

Hello,
I sympathize with you and have posted a question elsewhere on this site by will repeat it here as it is relevant to your enquiry and I too seek help.
I currently have two life insurance policies, the second was started about six years ago on the advice of a home insurance broker when I made a claim for my kitchen cabinets collapsing. Random but true.
I didn't question it at the time but from reading various articles recently I wonder if I have been mis-sold this policy and can I reclaim it?
I have remortgaged my house since first taking out life insurance so I am actually thinking maybe it was recommended by Northern Rock instead of the house ins broker. Can't remember.
But both policies are with Aviva.
Any advice out there that doesn't involve mocking my green-ness?
Thanks in advance.

There are people who are far better qualified than me, but I would say that if you have a mortgage and dependants, then you need some form of life insurance to cover the outstanding balance if you should die and maybe leave a bit over for a good holiday :rotfl:

Seriously though - get your products appraised by a GOOD Independent Financial Advisor or ask your bank/mortgage provider to say if the life policies you have are adequate.

My position when I was 22 was that I had no family other than my parents and if they should get the windfall of me having hopped off the mortal coil early with a partly paid for business, then that was to their benefit. The insurance agent was selling me a policy for which I had no use - it was to my detriment given my personal circumstances at that time.

In fact, I totally misunderstood because I believed it to be an investment which I could use against a loan/interest only mortgage at a later date or even use to pay off the loan I had for my business.

Btw - I like your little icon asking for tolerance!

Bye for now

Liz

dunstonh

clarissamcphee wrote: »

Hello,
I sympathize with you and have posted a question elsewhere on this site by will repeat it here as it is relevant to your enquiry and I too seek help.
I currently have two life insurance policies, the second was started about six years ago on the advice of a home insurance broker when I made a claim for my kitchen cabinets collapsing. Random but true.
I didn't question it at the time but from reading various articles recently I wonder if I have been mis-sold this policy and can I reclaim it?
I have remortgaged my house since first taking out life insurance so I am actually thinking maybe it was recommended by Northern Rock instead of the house ins broker. Can't remember.
But both policies are with Aviva.
Any advice out there that doesn't involve mocking my green-ness?
Thanks in advance.

I answered your duplicate post. You didnt put enough information in to give useful comment. Most importantly, you didnt give any reasons why you think you were mis-sold.

clarissamcphee

Ah - because I have two policies with the same company. Is that normal? No dependants. Surely one is enough?
Also have cover with work.

dunstonh

Ah - because I have two policies with the same company. Is that normal?

You can have as many as you like. Indeed, it is more normal to have multiple policies (covering multiple needs) than having just one.

Surely one is enough?

Rarely is. I did 4 for a couple recently.

No dependants.

Now that is an issue. if you are unmarried or not living with a partner or have no children then you have no need for life assurance.

clarissamcphee

Nope. I'm a barren spinster me.

So is that unusual? Figured I need one lot to cover the house but not sure I'd need two, plus the one with work.

Do you think I have cause to claim? Not problem if not I would be happy just to cancel one payment as I am desperately trying to lower my monthly bills - its expensive at casa spinster.

Would value your advice. Thanks.

dunstonh

With no-one financially worse off in the event of your death, then you dont need either and possibly both are mis-sold. If either have critical illness cover included then probably not (as CI and life assurance is often just a few pennies different from CI only so it is worth doing both). However, it if is life assurance only then you probably have grounds for complaint on both of the cases.

clarissamcphee

Wow. Thank you so much you have been really helpful.

Without wanting to push your generosity too far do you know what I would need to do in order to investigate this further please?

dunstonh

If you are sure you have been mis-sold (no-one financially worse off in event of death) then go straight to complaint to the adviser that sold it to you. If you are not sure and want to check then contact the adviser first and ask them to remind you why you have life assurance. As it will likely burn your bridges with that adviser, if you are unsure, it is best to check first as there may be a valid reason we have not considered.