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eliz.insax
eliz.insax
Posts: 1 Newbie
About ten years ago we visited a Financial Adviser who arranged a mortgage with Alliance & Leicester. We were informed that we had to have life insurance to cover this loan. When we changed our Mortgage provider we cancelled the life insurance as it wasn't needed. Can this life insurance also be reclaimed as with PPI. Can anyone please help?
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Comments
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No, it's life insurance, not PPI.
If you were immortal, you might have a chance of complaining it was missold, otherwise, no it wasn't.Non me fac calcitrare tuum culi0 -
Why wouldn't you need life insurance? You obviously don't live alone.eliz.insax wrote: »When we changed our Mortgage provider we cancelled the life insurance as it wasn't needed.0 -
We were informed that we had to have life insurance to cover this loan.
10 years ago it was possible you did. It is only in the last 10-15 years that lenders have eased up on it being mandatory. Now they just leave it down to the common sense of the borrower.Can this life insurance also be reclaimed as with PPI.
Are you immortal?
You say "we" which suggests there is more than one of you. Do you not have a financial need for life assurance?
Not that it matters really as 10 years ago is pre-regulation and complaining you didnt need life assurance as a couple with a mortgage isnt going to go far.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.0
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