reclaiming on insurance

johnpb61

My wife took out a Decreasing Term Assurance in 2005 and it ends in 2019,with no returns,she did not realise this when it was provided by AWD,who put us in touch with Legal&General,it was to cover our mortgage,reason being i could not get insured due to ill health,we have since extended our mortgage so it would have been oif no use to pay of mortgage if my wife was sudenly taken away from me,i personaly think it was missold because it did not cover her for first year,this we only recently found out,any help would be gratefuly excepted.

Nearlyold

The only help I can offer is not to waste your time on a miss sale complaint, as from the details you have given there is nothing to complain about.

My wife took out a Decreasing Term Assurance in 2005 and it ends in 2019,with no returns,she did not realise this when it was provided by AWD,who put us in touch with Legal&General

Term insurances are not savings plans nor would it have been sold or marketed as such, why would your wife be expecting a return - the policy docs would be very clear there is no cash in value.

we have since extended our mortgage so it would have been oif no use to pay of mortgage if my wife was sudenly taken away from me

This is not a complaint reason, how could any policy taken out to cover one mortgage be expected to also cover a larger one taken out at a later date.

i personaly think it was missold because it did not cover her for first year,this we only recently found out

Sorry but I don't believe that for a moment, who has told you this? (you may be confusing a moratorium whereby there is no payout should the life assured commit suicide in the first year - this is a pretty standard term on all life insurance)

dunstonh

My wife took out a Decreasing Term Assurance in 2005 and it ends in 2019,with no returns,she did not realise this when it was provided by AWD,who put us in touch with Legal&General,

Sorry, I do not buy that. Term assurance policies get issued with an quote at point of sale. I have just looked up an L&G quote from that period and it is 3 pages. The top of the first page states the life cover amount, the policy term and the premium. All on the first few lines as clear as anything. There are then some bullet points covering what the plan provides in terms of cover and at the bottom of that page in bold large text it says "Warning - This policy has no cash-in value at any time"

A second quote is then posted by L&G with the cancellation rights as it goes in force.

Then the policy schedule/document is posted a few days after that. That also confirms the terms.

Life assurance has a medical questionnaire. She would have been asked a range of medical questions and her GP details.
Finally, a statement of demands and needs would have been issued as well. This outlines the financial need and the solution put in place to cover it. A decreasing term assurance to cover a repayment mortgage is exactly the right thing.

we have since extended our mortgage so it would have been oif no use to pay of mortgage if my wife was sudenly taken away from me,

Yes it would have been of use as it fitted your needs in 2005 until you changed the mortgage a decade later. You bought it in 2005. There is no way anyone in 2005 would know what things you would do over a decade later.

i personaly think it was missold because it did not cover her for first year,

Why do you think that? Life assurance would pay out if you died on the first day after the policy commenced. The only exception is suicide where the policy needs to be in force for 12 months before that is covered.