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Term Assurance not PPI
fletchfred
Posts: 4 Newbie
I was sold Term Assurance to cover my mortgage although I already had adequate Life Insurance. Is this considered PPI miss selling? The insurance is still active although the mortgage was repaid. Can I reclaim the premiums?
Fletchfred
Fletchfred
0
Comments
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PPI is Payment Protection Insurance so Term Assurance can't be missold PPI.0
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Is this considered PPI miss selling?
no. Term assurance is not PPI. So, by definition it cant be PPI mis-selling.
Any product can be mis-sold. However, life assurance has very low mis-sale rates as its a simple product typically covering an important need.although I already had adequate Life Insurance.
What do you class as adequate? Most people are nowhere near adequate. A really quick and dirty guide is around 10x your annual income plus debts.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 -
Thanks for your response. I had enough to twice cover all my debts.0
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debts plus around 10x your annual income.fletchfred wrote: »Thanks for your response. I had enough to twice cover all my debts.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
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