Was I miss-sold life insurance

minute_mess

Does it not come down to how it was sold?
My ex and I were sold life assurance and I think something else I haven't yet found the paper work for. We were young and niave, not the lenders fault, however I think they told us we had to have it. The lender set up a meeting with presumably a financial advisor who didn't give us options, just signed us up!
I have seen ppi work well for a relative and I've known and elderly lady completely taken advantage of by it. I'm not one for trying to get something just because I can, I understand the need for life insurance.

I should also say this was 2002 so maybe too long ago.

Also being a newbie, there was something slightly aggressive to some of the first replys which put me off posting At ffirst

[Deleted User]

minute_mess wrote: »

Does it not come down to how it was sold?

A complaint about any insurance being mis-sold can certainly be made.

However, it is really only PPI that was mis-sold widely and it's difficult to see you saying you didn't need the insurance unless you are immortal.

Using the phrase "young and naive" is not a valid complaint and makes it sound as if you are using a template letter.

The other responses here already outline why life assurance is hard to argue as mis-sold.

addedvaluebob

Minutemess - there are lots of ways life assurance can be sold. Too much cover, whole of life instead of a term policy, not enough cover, escalating premiums, renewable premiums. It is all in the nuance and policy details of how they related to your circumstances at the time of the sale.

Once you find the paperwork, sit and have a good think about whether your older and hopefully less niave person still thinks it was wrong before making your complaint

dunstonh

Does it not come down to how it was sold?

Yes. However, 2002 is 3 years prior to insurance regulation. So, there isnt likely to be much documentation showing wrongdoing as there was so little documentation required back then. So, any case would be looked at as to whether there was a financial need or not.

My ex and I were sold life assurance and I think something else I haven't yet found the paper work for. We were young and niave, not the lenders fault, however I think they told us we had to have it.

Sounds like you had a financial need for it. How is covering your needs wrong? Age is not an excuse. Old enough to have children, borrow money, work etc. Yet not old enough to consider financial needs?

The lender set up a meeting with presumably a financial advisor who didn't give us options, just signed us up!

An adviser isnt there to give options. They are there to tell you what you need.

roonaldo

minute_mess wrote: »

My ex and I were sold life assurance and I think something else I haven't yet found the paper work for. We were young and niave,

Why is it niave to take out life insurance????