Decreasing term assurance

Rob_elane

I have a legal and general decreasing term assurance with critical illness cover, however, I have an interest only mortgage, should I have been sold a level term assurance? If so, is this a case of miss selling ?

jonesMUFCforever

Rob_elane wrote: »

I have a legal and general decreasing term assurance with critical illness cover, however, I have an interest only mortgage, should I have been sold a level term assurance? If so, is this a case of miss selling ?

No and no.

Did your adviser know you were on a interest only mortgage?
Was this meant to be temporary? Have you got in place a plan to repay capital?
Did you not read the application form and the terms of the contract?
Was price an issue for you? (This would have been cheaper than level term)

So IMO you have paid less in premiums than if you had taken out a level term with critical illness.
How many times since taking out the mortgage have you reviewed it?

As you are still here now would be a good time to get it reviewed,

dunstonh

Rob_elane wrote: »

I have a legal and general decreasing term assurance with critical illness cover, however, I have an interest only mortgage, should I have been sold a level term assurance? If so, is this a case of miss selling ?

What was the repayment vehicle for the interest only mortgage?

If it was a PEP/ISA then you would expect a decreasing term assurance as the value in the repayment vehicle would be going up therefore reducing the life assurance need.