mis sold life insuraance

mclaren1988

i was offered a life policy that i was told would be good for me to have and that it was something that i needed. Now after almost 3 years i go to bank again and speak about my policy then someone informs me that the policy i was sold wasn't a very good one and that i should then change to this other one. The thing is i wasn't offered an re structured plan so that the money that i have already paid was a waste of time. And it was sold by the same bank. Any advice given would be good??

kingstreet

Banks are a very poor source of advice and their products are typically 40% more expensive than the same via an IFA. One person's opinion of what was right a few years ago may be different to yours or mine and without knowing the reasons why the cover was recommended I doubt you will make a mis-sale accusation stick.

Please read through the sales documentation you received at the time, establish the reasons for the recommendation and please, please, please do not buy any more products from tied salesmen.

dunstonh

The thing is i wasn't offered an re structured plan so that the money that i have already paid was a waste of time.

Aren't you pleased about that? The alternative is that you would be dead. Surely you dont want that?

Life assurance pays out if you die. Very simple. If you dont die, then you get nothing. If you die, it pays out.

It is not uncommon for cheaper plans to become available and to switch to them. Nothing wrong with that.

webmasterpolo

dunstonh wrote: »

Aren't you pleased about that? The alternative is that you would be dead. Surely you dont want that?

What an excellent way of putting it Dunstonh.

LOL

-Web