Advice needed please- mortgage life insurance

Turaco

Hi, My partner and I took out life insurance with legal and general when we got a 35 year mortgage as first time buyers. The chap who sold it to us was a bit 'not with it' and we have now realised he mis sold the insurance as a 25 year plan instead of the 35 year insurance it should have been. This was almost 7 years ago though and the guy has long since passed away.
What would be the best way to go through with a complaint? Is it possible to get compensation as although it isn't like a ppi miss-sell, they still made rather a big error.
I know we should have realised and sorted this earlier and I do realise it is partially our fault for not noticing earlier!:o
Thank you for any advice, it is much appreciated.

LifeInsuranceMan

You need to find out if the sale was made on an "advised" or "non-advised" basis. You really need to dig out the paperwork to answer that question.

If it was advised, then the advisor is at fault. If it was non-advised, then I am afraid it is your responsibility.

If eligible, you should lodge a complaint with the company he represented, and then follow the appropriate complaint channels. For further information look up the FOS (financial ombudsman service)

dunstonh

You need to consider regulation dates as well. This case may be pre regulation. Unless it is a tied agent sale (Which doesn't sound like it), there is no-one to comlpain to if it is pre-regulation.

Also, it it was set up as 25 years instead of 35 years then it will almost certainly be cheaper. So, if the OP is clean health now, it may well be cheaper to arrange a new policy. There could also be reasons why a shorter term was used. It could be over maximum age or they couldnt do the term required.

Is it possible to get compensation as although it isn't like a ppi miss-sell, they still made rather a big error.

As the error has probably made you financially better off, I would say not. Assuming there is an error, I would expect a correction to be made to put it to 35 years and not charge you the back payments you should have been paying.