Can you claim life insurance missold?

JP2808

I have a life assurance policy that was sold to me in 2002. I thought i was taking out life insurance with critical and terminal illness cover.
Although this is all mentioned in the policy document, when i have come to make a claim for terminal illness i find that my cover is only on death.
Is there any way i can make a claim that i was misold this policy?

dunstonh

Can you claim life insurance missold?

Any product can be potentially mis-sold. Although life assurance does have low complaint rates and a low uphold rate given its relative simplicity and that most people do have a financial need for it.

I have a life assurance policy that was sold to me in 2002. I thought i was taking out life insurance with critical and terminal illness cover.
Although this is all mentioned in the policy document, when i have come to make a claim for terminal illness i find that my cover is only on death

Some providers had terminal illness cover as an option back in 2002. it was a few years later that it became included as standard across the board. Terminal illness is an option that pays out the life assurance amount early if you are diagnosed as being terminally ill with a life expectancy of less than 12 months.

Policy documents will typically cover all features available on the plan but the personalised policy schedule will state specifically what options you have on your plan.

Is there any way i can make a claim that i was misold this policy?

You can make a complaint. However, you need to look at the documentation as that is what they are going to do. Does the policy schedule make reference to terminal illness cover? Does the report detailing the advice at the time make reference to terminal illness cover? (it may not as it wasnt a major feature which is why it is typically included as no cost nowadays).

ACG

I have seen complaints for life insurance being upheld.
The instance I seen was where someone had life & critical illness cover and was convinced to take out life insurance instead as it was cheaper.

The brokers insurance company paid out the amount, but in turn had the life insurance policy assigned to the insurance company. So that they received the money back should the person pass away.

No idea how that worked with getting the person to carry on paying the premiums but that wasnt my issue.

magpiecottage

If it says there is cover in the policy documentation, then this does not sound like a missale but a breach of contract.

Such a complaint should be against the insurer.