Mis sold Sun life insurance

huggy455

Can anyone help me out as to whether I can claim money back on a Sun Life insurance policy the wife took out for her father. When she took it out she wasn't told that we'd only get money back on the death of her father, or that it only went to a certain amount and wouldn't go any higher but we would still have to carry on paying installments or we would lose everything paid in so far. We were advised to take this out instead of an ISA.
By the way the old guy is still alive and kicking.
Hope someone can help us out.
Thanks

Goldiegirl

What did 'the wife' think she was buying?


The function of a life insurance policy is to pay out when the insured event happens....... and it hasn't happened yet


When he dies she can make a claim on the policy, but I don't think you'll have a hope of claiming money back while he's still alive.


At least you can be happy that the policy is insurance for an event that will happen.

kingstreet

huggy455 wrote: »

When she took it out she wasn't told that we'd only get money back on the death of her father, or that it only went to a certain amount and wouldn't go any higher but we would still have to carry on paying installments or we would lose everything paid in so far

How did she purchase this cover?

We were advised to take this out instead of an ISA

Who advised you that?

dunstonh

Can anyone help me out as to whether I can claim money back on a Sun Life insurance policy the wife took out for her father.

Sun Life are a company that transacted via mailshots and newspaper articles. They havent retailed via advisers for a very very long time.

When she took it out she wasn't told that we'd only get money back on the death of her father, or that it only went to a certain amount and wouldn't go any higher but we would still have to carry on paying installments or we would lose everything paid in so far. We were advised to take this out instead of an ISA.

Who advised it?

Life assurance is like motor insurance or house insurance. If you claim it pays out. If you dont claim, it wont.

-taff

huggy455 wrote: »

When she took it out she wasn't told that we'd only get money back on the death of her father, or that it only went to a certain amount and wouldn't go any higher but we would still have to carry on paying installments or we would lose everything paid in so far.

If it was insurance that pays out on death, I would have thought that was obvious, or even in the case of funeral cover.

I would personally say you have zero chance of 'claiming' anything back.

[Deleted User]

huggy455 wrote: »

When she took it out she wasn't told that we'd only get money back on the death of her father

Did she really need to be explicitly told that Life Insurance was cover in the event of death? On what basis did she think it would pay out? Was she told the policy paid out for other reasons?

This is not PPI, has clearly covered a need (unless your father is immortal) and has therefore not been mis-sold.

roonaldo

I think this is a wind up or then again ...

huggy455

Thanks for the replies, no this isn't a wind up, and it was from the Cheshire Building Society that the advice came from, its not about it being a life policy, it was the fact we weren't told at any stage that we had to continue paying the installments until we make a claim or lose everything we've paid so far. Therefore we can pay for years and only get a fixed amount back!

dunstonh

it was from the Cheshire Building Society that the advice came from

was it advice or sales?

Advice would see you sit down, complete a factfind. go through a needs analysis and a recommendation made and report issued. These products are typically brochure bought and not under an advice process.

it was the fact we weren't told at any stage that we had to continue paying the installments until we make a claim or lose everything we've paid so far.

That is how insurance works.

roonaldo

As with any insurance you pay premiums.

If the claimable event happens (ie death) the policy pays out.

You dont die so you continue paying. (some may say thats a good thing)

What did you think happens?

Goldiegirl

huggy455 wrote: »

Thanks for the replies, no this isn't a wind up, and it was from the Cheshire Building Society that the advice came from, its not about it being a life policy, it was the fact we weren't told at any stage that we had to continue paying the installments until we make a claim or lose everything we've paid so far. Therefore we can pay for years and only get a fixed amount back!

But you could have only paid for a few months - if the old boy had died within a few months of taking the policy out, your wife would have claimed on the policy and would have been paid the sum insured, which would have been lots more than she paid into the policy.