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Investment Plan with Windsor Life/ Reassure
Comments
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Anything can be mis-sold. However, the product type is typical of the era it was bought. Most life assurances in the 80s and early 90s had investment elements. The product is obsolete and has been for 20 years. However, that is not a mis-sale reason. They could only issue what they could issue at the time.
That is because your product was an endowment policy. This is not. This would have had a lower monthly premium than an endowment as it's aim was never to provide a lump sum at the end.
Took our endowments out in late 80s/1990 -our total premiums were ~£68 pm for £45 k life cover PLUS the investment return at the end -considerably worse than the rosy 1990 projections! -but an AWFUL lot better than the OP's "returns" on £90+ per month!!:eek:
Would an "investment" such as this be "time barred"??0 -
I have a similar problem / issue with Reassure.
They still haven't paid me what they owed me even though I have a letter from them saying it would be a day after maturity. It's 10 days after maturity now! Quite a few thousand down too!
If they still haven't paid me in a day or two what can I do? Solicitor??? These creeps are quick enough to demand money if you owe them anything. I want my money and the interest they've made in last 10 days! Any advice?0 -
If they still haven't paid me in a day or two what can I do? Solicitor???
You are welcome to pay for a solicitor but it would be a waste of money.They still haven't paid me what they owed me even though I have a letter from them saying it would be a day after maturity.
It was never going to be a day after maturity. They cant even look at it until the day after and many life funds are T+2. So, if they are not prefunding, you need to wait for settlement.It's 10 days after maturity now! Quite a few thousand down too!
You are only subject to investment returns up to maturity. Not days after that.
Generally they are allowed up to 30 days. most companies will add interest automatically if it takes beyond a few weeks.I want my money and the interest they've made in last 10 days! Any advice?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 -
the financial advisor who sold this product told me that I would get minimum £15000 at the end of the term which matures in 2017.
Do you have that in writing?I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Life assurance is dirt cheap nowadays. However, in the 80s and 90s it was expensive. AIDs was still a major concern.
Yes, which is why my 7 figure key man insurance back then required me to give blood and saliva samples. It still didn't cost a fraction of what the OP has been taken for.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »Yes, which is why my 7 figure key man insurance back then required me to give blood and saliva samples. It still didn't cost a fraction of what the OP has been taken for.
The OP has an investment backed plan. So, some of that premium is going towards the investment element. These were more expensive. Obsolete for most people. Like driving around in an Austin Allegro.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 -
I have a similar policy with 70k life insurance ( first Life) since 1994 paying £50 per month with Aviva.we are both 59 years of age.
The last statement in April 2014 advised we have £8600 in the investment pot .
The question is am I best to cancel the policy now and get the funds and arrange an alternative policy,any advice appreciated0 -
Like driving around in an Austin Allegro.
And what car do we think the chap who flogged the OP this load of rubbish might be driving?I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Is there not a market in veteran Allegros?
It was the Allegro that the wheels quite literally fell off, wasn't it.0 -
We regularly acquire companies, many of them in the US. On more than one occasion, they have had products in development with codenames such as "Mastro" and "Allegro". We nix these with extreme prejudice, and provide wikipedia links to show that their new UK owners know tainted brand names when they see them!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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