Life Insurance (Or so I thought!)

drumdrum

Hi, I wonder id anyone can help. I took out life insurance 5 years ago. I was asked lots of questions of course and everything seemed fine. As far as I was concerned, as long as I kept up the payments, I was set until I died, after that there would be enough money for my funeral and a bit left over for my daughter, thats all I wanted. Yesterday, I got a call from them saying that I might want to update the policy and thats when I found out that the LI ends in 15 yrs and if I don't die before that I lose the insurance and get nothing back. Now I admit to not reading the small print but I never would have taken it out on those terms so I can only think that it was not mentioned as to how this worked. Is this a case of mis-selling? and is there anything I can do other than just cancelling and losing what I've already paid so that I can get something better? I have no intention of dying before I'm 60 so this seems a wasteof time!

opinions4u

How did you buy it? Who from?

What does it say on the policy document?

By the way, death is a certainty. As such, any policy that runs until you drop will cost rather a lot of money.

ErinRight

I don't think that it is mis-selling. Such things happen pretty often, just have a look through Life and Casualty Insurance complaints on !!!!edconsumer website, for example.

dunstonh

Yesterday, I got a call from them saying that I might want to update the policy and thats when I found out that the LI ends in 15 yrs and if I don't die before that I lose the insurance and get nothing back.

That would be a term assurance policy and is by far the most common type of life assurance in the UK. Very few people have a whole of life need and therefore do not need to take out a whole of life assurance plan. A level term assurance should ideally match the term of the financial need and be for an amount that covers the need. No more, no less. A whole of life assurance set up for the same sum assured would be a lot more expensive than a term assurance.

Now I admit to not reading the small print but I never would have taken it out on those terms so I can only think that it was not mentioned as to how this worked.

How did you buy it?

Is this a case of mis-selling?

We dont know how you bought it. So, cant comment on whether it was mis-sold.

and is there anything I can do other than just cancelling and losing what I've already paid so that I can get something better?

What do you think would be better?

I have no intention of dying before I'm 60 so this seems a wasteof time!

I am sure that all the people that died before 60 though the same.

JuicyJesus

drumdrum wrote: »

I have no intention of dying before I'm 60 so this seems a wasteof time!

You may have decided this, but the freak workplace accident that might kill you at 40 or the bus that might knock you down at the age of 45 or the four car pile up that might crush you at 50 or the critical illness that might take your life at 55 could potentially disagree.

I have no intention of dying before I'm 206. Doesn't mean my intentions will correlate with reality.

_Andy_

drumdrum wrote: »

I have no intention of dying before I'm 60 so this seems a wasteof time!

That is just GENIUS

Ergo you won't have home insurance as you have no intention of being burgled or having a fire

You won't have car insurance as you have no intention of crashing your car

etc etc

LOVE IT!!!

kingstreet

"God is dead" - Friedrich Nietzsche (1882)

"Neitzsche is dead" - God (1900)

It may not be strictly "on topic" but it works here.

magpiecottage

drumdrum wrote: »

I have no intention of dying before I'm 60 so this seems a wasteof time!

We are told there is no such thing as a stupid question.

But that is not a question it is a statement!

34 years ago this month my mate Trevor was knocked off his push bike and killed.

He was riding in the dark without lights so it was his fault but he did not intend to be killed.

He was 18.