miss sold life insurance

netnet2014

10+ years ago I took out life insurance via 3rd party littlewoods iam still paying £5 per month. The policy was never explained by littlewoods or stonebridge and I never signed any legal documents can I ever claim this money back?????
( The policy is only on death so I also get no return unless death occurs)

kingstreet

I assume this was a "non-advised" sale and that you were provided with written details of the cover and chose to accept it?

You had a statutory 30 day cooling-off period and did not cancel.

A £5 a month premium can just about provide the cover and pay the insurer's expenses. An investment element would have required larger payments and been a lot less tax efficient than alternative savings options.

You may have made the wrong decision to buy, but I suspect there was no mis-sale, unless you have more to tell us about the sales methods used?

Bantex_2

What would need explaining? Assuming you are not a complete idiot.

dunstonh

The policy was never explained by littlewoods or stonebridge and I never signed any legal documents can I ever claim this money back?????

You didnt buy with advice. You chose to buy a product directly. So, the fact you didnt read anything about the policy is your own fault.

The policy is only on death so I also get no return unless death occurs

What do you expect for £5. What is there to explain about life insurance? If you live you get nothing. If you die, it pays out.

netnet2014

bantex there is no need to be rude! I only asked a question that many people are thinking.
Dunstonh thanks
ps I was not expecting to get anything ! Just with ppi issues wondered if I may have been mis sold product
and yes I agree it is my own fault!
thanks anyway

netnet2014

Bantex wrote: »

What would need explaining? Assuming you are not a complete idiot.

When your young you can be an idot from time to time!

jonesMUFCforever

I don't think OP is an idiot for protecting himself and his family.


It was a surprise to get his/her reply - well done for coming back and replying to the thread - most would have not done so.


Was it a good deal - who knows - but you are now 10 years older - get quotes for the same cover now to see if the premiums have risen - my guess is that they will have.

*Scarlett

OP I presume when you took the policy out you spoke to someone on the phone, completed a form or an online application. The information about the policy should have been there for you and you would have received full policy docs to check.

If you accepted the policy over the phone and you feel that the advisor mislead you then you may have cause for complaint - but I'm not sure about the "non-advised" sale thing.

Many of these policies may only pay out on death (but some can have critical illness included).

What aspect of the policy do you feel was mis-sold?

dunstonh

If you accepted the policy over the phone and you feel that the advisor mislead you then you may have cause for complaint - but I'm not sure about the "non-advised" sale thing.

The product in question is retailed on a non-advised basis. It doesnt have to comply with advised levels.

gardner1

Bantex wrote: »

What would need explaining? Assuming you are not a complete idiot.

think the op just fancies £600+ for the "I was miss sold" excuse

magpiecottage

dunstonh wrote: »

The product in question is retailed on a non-advised basis. It doesnt have to comply with advised levels.

Besides which

netnet2014 wrote: »

10+ years ago I took out life insurance

There was no regulation of life assurance with no investment element until 2005.