Miss Sold Life Insurance

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Hi need some advice

I've been checking out my policies as I know some are due to run out and noticed it looks like ive been miss sold one

I took out 3 life policies for my mortgage when we changed from endowment to repayment to cover myself and wife if either one of us died or become terminal ill

2 covered us for the current mortgage then a smaller one as a top up when we moved 3 years later. giving us a total cover of £228,500, which I understand but here come the puzzle but.

In 2007 I was sold another policy for cover of £160,700 for Terminal Illness at a cost of £51.68 per month for 20 years.

Now cant understand why I was sold this, as the other 3 policies cover me for Terminal Illness, only thing I can think of is that was around the time I went Self Employed and I was sold it on the bases I need it for my mortgage but when looking at everything it seems I did not.

So do I have position to claim this back under being miss sold

Comments

  • tomtontom
    tomtontom Posts: 7,929 Forumite
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    What were the circumstances of you taking out the additional policy, and who sold it to you? You've not given dates for anything else so it's not clear what this relates to.
  • Mark_Culverhouse
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    as put the 2 original policies were taken out from a mortgage change from endowment to repayment that was year 2000
    2003 we moved and had a slightly larger mortgage so the top up one was taken out

    the one in question was sold to me in 2007 for what puzzles me as we did not move, as I said that was around the time I went self employed and can only think was advised I needed it to protect my mortgage

    but the policy states only terminal illness but if you check my other policies they cover that anyway
  • tomtontom
    tomtontom Posts: 7,929 Forumite
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    as put the 2 original policies were taken out from a mortgage change from endowment to repayment that was year 2000
    2003 we moved and had a slightly larger mortgage so the top up one was taken out

    the one in question was sold to me in 2007 for what puzzles me as we did not move, as I said that was around the time I went self employed and can only think was advised I needed it to protect my mortgage

    but the policy states only terminal illness but if you check my other policies they cover that anyway

    You're going to need to dig back in your memory to establish how this policy came about. How did you come to be in the situation of receiving advice, did you seek out additional insurance yourself? Was this with an insurer/ adviser you have used previously?

    At the moment you do not have any firm evidence of a missale. The insurer may be able to fill in some of the gaps, they may or may not have paperwork going back that far.
  • Mark_Culverhouse
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    It was a broker at the time, as said I can only think it was because I went self employed.

    Have spoke with the insurer and they can not help, they confirmed with me on phone they've had no contact with me since the policy started and that was done through the broker at the time
  • dunstonh
    dunstonh Posts: 116,643 Forumite
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    In 2007 I was sold another policy for cover of £160,700 for Terminal Illness at a cost of £51.68 per month for 20 years.

    By 2007, terminal illness was a free addon to life assurance policies and hardly anyone paid for it. Does it specifically say terminal illness or does it say something like critical illness cover or serious illness cover?
    only thing I can think of is that was around the time I went Self Employed and I was sold it on the bases I need it for my mortgage but when looking at everything it seems I did not.

    Unlikely it would be for a mortgage. That would be a decreasing term assurance. This is more likely to be for family protection (loss of income and pension on death)
    So do I have position to claim this back under being miss sold

    Nothing you have suggest even hints of a mis-sale. Your memory is not grounds for complaint. Who sold it to you? What does it actually cover?
    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.
  • tomtontom
    tomtontom Posts: 7,929 Forumite
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    It was a broker at the time, as said I can only think it was because I went self employed.

    Have spoke with the insurer and they can not help, they confirmed with me on phone they've had no contact with me since the policy started and that was done through the broker at the time

    So why did you approach the broker? It would be unusual for them to approach you. If you asked them for x additional cover then it seems that is what they did. If you asked them to review your overall situation and advise accordingly that would be different.

    Does the broker still exist, have you checked if they have any records? You're going to struggle without any actual facts.
  • Mark_Culverhouse
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    Policy states TERMINAL ILLNESS COVER

    The broker who sold it to me is no longer in business, the insurer which is Aviva could not help any further
  • dunstonh
    dunstonh Posts: 116,643 Forumite
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    Policy states TERMINAL ILLNESS COVER

    The broker who sold it to me is no longer in business, the insurer which is Aviva could not help any further

    Is that in addition to the life cover?

    Terminal illness cover is usually an add-on and not standalone. At the moment, you are describing it as a standalone plan that only pays out on terminal illness but not death. Whereas you would expect to see it as a life assurance with terminal illness benefit.
    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.
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