mis sold critical illness policy

livvylou29

When i took out a mortgage in 1999 i was told that i had to have life insurance and critical illness cover.Looking back now i feel that i was mis sold the critical illness policy as i don't think it was necessary if i have life insurance.I am now in the process of cancelling the policy but do I have a claim for a mis sold policy?

dunstonh

When i took out a mortgage in 1999 i was told that i had to have life insurance and critical illness cover.

Quite possibly you did. Back then, a number of banks did have compulsory life assurance either as a requirement of lending or to buy a special mortgage deal.

do I have a claim for a mis sold policy?

Not really. You would have to show you had no financial need for it. It is unlikely that is the case as if you had the savings to cover the debt then you would not need the mortgage. Your allegation is unprovable and it it is provable then that would mean you did need it and no mis-sale occurred.

-taff

livvylou29 wrote: »

When i took out a mortgage in 1999 i was told that i had to have life insurance and critical illness cover.Looking back now i feel that i was mis sold the critical illness policy as i don't think it was necessary if i have life insurance.I am now in the process of cancelling the policy but do I have a claim for a mis sold policy?

Life inurance won't cover you if you get cancer. Critical illness won't cover you if you die.

[Deleted User]

livvylou29 wrote: »

i feel that i was mis sold the critical illness policy as i don't think it was necessary if i have life insurance.

Life Insurance pays out on death, Critical Illness covers you if you contract
Industry list of all 37 critical illnesses:
1 Major Cancers
2 Heart Attack
3 Stroke
4 Coronary Artery By-pass Surgery
5 Kidney Failure
6 Aplastic Anaemia
7 Blindness (Loss of Sight)
8 End Stage Lung Disease
9 End Stage Liver Failure
10 Coma
11 Deafness (Loss of Hearing)
12 Heart Valve Surgery
13 Loss of Speech
14 Major Burns
15 Major Organ / Bone Marrow Transplantation
16 Multiple Sclerosis
17 Muscular Dystrophy
18 Paralysis (Loss of Use of Limbs)
19 Parkinson’s Disease
20 Surgery to Aorta
21 Alzheimer’s Disease / Severe Dementia
22 Fulminant Hepatitis
23 Motor Neurone Disease
24 Primary Pulmonary Hypertension
25 Terminal Illness
26 HIV Due to Blood Transfusion and Occupationally Acquired HIV
27 Benign Brain Tumour
28 Encephalitis
29 Poliomyelitis
30 Bacterial Meningitis
31 Major Head Trauma
32 Apallic Syndrome
33 Other Serious Coronary Artery Disease
34 Angioplasty & Other Invasive Treatment For Coronary Artery
35 Progressive Scleroderma
36 Systemic Lupus Erythematosus with Lupus Nephritis
37 Loss of Independent Existence

Not really any overlap of cover.

roonaldo

livvylou29 wrote: »

When i took out a mortgage in 1999 i was told that i had to have life insurance and critical illness cover.

then if it were a condition then you had to have it and it wont be mis-sold for that reason.