Where is template for complaint letter for mis-sold life insurance?

glicky

Could someone please give me a link?

Thanks in advance

dunstonh

There is no template. Life assurance has low complaint rates and most complaints that are made are rejected.

glicky

I was mis-sold Life Insurance with an endowment. I am single and certainly didn't need Life Insurance or an endowment mortgage, but was advised to take out an endowment. I later found out that life insurance was in with the endowment. I was also told that there would be plenty left over from the endowment to do as I please. The shortfall from the endowment for the mortgage was £12,000.

dunstonh

I was mis-sold Life Insurance with an endowment.

Are you saying you took out an additional policy (i.e. two premiums) with the endowment or that the endowment had life assurance?

I am single and certainly didn't need Life Insurance or an endowment mortgage, but was advised to take out an endowment.

Endowments havent been retailed for over a decade. So, you are likely going back to a period when lenders required a repayment vehicle with an interest only mortgage. So, you have may not have had a choice if the lender insisted on it.

I later found out that life insurance was in with the endowment.

That is correct and is a requirement on an endowment policy.

I was also told that there would be plenty left over from the endowment to do as I please.

Up until 2001, virtually all endowments paid surpluses. However, what evidence do you have to back up that allegation?
Why have you not raised it earlier?

The reason I say that is that from around 2004-2008, endowment providers issued warnings that you had 3 years to complain about shortfalls. By around 2009, three quarters of all endowments had been timebarred from complaint. So, why did you not raise it then?

magpiecottage

From what you say, it sounds as though the endowment has actually matured with a shortfall of £12,000. When was that/

glicky

magpiecottage wrote: »

From what you say, it sounds as though the endowment has actually matured with a shortfall of £12,000. When was that/

Yes - end of 2013, but got paid out in 2014

glicky

dunstonh wrote: »

Are you saying you took out an additional policy (i.e. two premiums) with the endowment or that the endowment had life assurance?

the endowment had life insurance in it

Endowments havent been retailed for over a decade. So, you are likely going back to a period when lenders required a repayment vehicle with an interest only mortgage. So, you have may not have had a choice if the lender insisted on it.

it was in 1988

Up until 2001, virtually all endowments paid surpluses. However, what evidence do you have to back up that allegation?
Why have you not raised it earlier?

because I only got paid out last year and at beginning of this year received a letter from L&G trying to sell me more life insurance. It stated in that letter that I previously had life insurance with them, which confused me, so i looked into it a bit further.

The reason I say that is that from around 2004-2008, endowment providers issued warnings that you had 3 years to complain about shortfalls. By around 2009, three quarters of all endowments had been timebarred from complaint. So, why did you not raise it then?

see above please

magpiecottage

You would almost certainly have received a letter from L&G giving you a deadline to complain by. If not then you can complain now.

dunstonh

it was in 1988

In which case, going with an interest only mortgage would have required either an endowment policy or a pension at that date.

because I only got paid out last year and at beginning of this year received a letter from L&G trying to sell me more life insurance. It stated in that letter that I previously had life insurance with them, which confused me, so i looked into it a bit further.

All endowments have life assurance as part of them. it is a requirement for them to be classed as an endowment.

When did you get your first warning of a high risk of a shortfall? (that would be the point the 3 year time bar clock would start ticking). I would expect it to have been around 2001-2004.