Essential earnings cover

stevemakka85

Hi there, apologies as this is my first post, I've just been looking through my lloyds bank details and i have their essential earnings cover provided by Scottish widdow, its only to the value of around £900 a month and I'm paying around £15/16 monthly i believe, i took it out in 2014 and have paid it ever since after being advised that it was a good idea by the financial advisor at my local lloyds branch, seems so that would cover my side of the bills and lets be honest its protection to keep your home not give you a custy living... he's the part thats bugging me, I'm sure I've had documents but i think the wife has thrown anything from SW out as its normally just promo junk, i know thats no excuse but after reading what it can and can't cover I'm afraid i may of been...erm miss-sold it, read somewhere its pointless to self employed, well I'm self employed and when the car salesman like advisor advised me to take it out he knew i was and assured me it did, but now i have no documents and very curious, not sure how true that is, hence why I'm on this site! Has anyone got any advice on this, used it, had it and not needed it, good/bad experiences... thanks in advance

csgohan4

stevemakka85 wrote: »

Hi there, apologies as this is my first post, I've just been looking through my lloyds bank details and i have their essential earnings cover provided by Scottish widdow, its only to the value of around £900 a month and I'm paying around £15/16 monthly i believe, i took it out in 2014 and have paid it ever since after being advised that it was a good idea by the financial advisor at my local lloyds branch, seems so that would cover my side of the bills and lets be honest its protection to keep your home not give you a custy living... he's the part thats bugging me, I'm sure I've had documents but i think the wife has thrown anything from SW out as its normally just promo junk, i know thats no excuse but after reading what it can and can't cover I'm afraid i may of been...erm miss-sold it, read somewhere its pointless to self employed, well I'm self employed and when the car salesman like advisor advised me to take it out he knew i was and assured me it did, but now i have no documents and very curious, not sure how true that is, hence why I'm on this site! Has anyone got any advice on this, used it, had it and not needed it, good/bad experiences... thanks in advance

Where is the contract and T+C you signed? Have you checked other providers, you may get a better deal, consult Income protection brokers.


Write or phone your current provider to ask for a copy of the T+C and /or complain if you want.


how do you know if you were mis-sold a product when you can't remember what you signed for and the documents that came with it? The onus and responsibility is also on you as well since you signed Or agreed to the product.


Never buy bank products unless you have checked the whole of market to ensure your not being ripped off.

dunstonh

i took it out in 2014 and have paid it ever since after being advised that it was a good idea by the financial advisor at my local lloyds branch

I believe Lloyds had ceased their financial advice service by then and only employed staff with insurance permissions to be sold on the same basis as the old fashioned insurance sales rep.

he's the part thats bugging me, I'm sure I've had documents but i think the wife has thrown anything from SW out as its normally just promo junk, i know thats no excuse but after reading what it can and can't cover I'm afraid i may of been...erm miss-sold it, read somewhere its pointless to self employed, well I'm self employed and when the car salesman like advisor advised me to take it out he knew i was and assured me it did, but now i have no documents and very curious, not sure how true that is, hence why I'm on this site! Has anyone got any advice on this, used it, had it and not needed it, good/bad experiences... thanks in advance

You are mixing up PPI here. Proper income protection is not PPI. It does not exclude self employed (nor does an awful lot of PPI to be honest). So, you have not been mis-sold.

However, the product you have is a budget one and not very good. That does not make it missold as the bank can only sell its own product range (Scot Wid is owned by Lloyds). They also retail SW products at higher premiums than IFAs or whole of market advisers. Although you won't find many IFAs recommending that particular product.