mis sold Life Insurance with mortgage

Birdy74

Advice welcomed. In 2013 my husband and I changed our mortgage from part endowment/part repayment to complete repayment mortgage. As part of this process with Halifax we were told we had to have Life Cover and so we signed up. My husband has now realised through discussion with work colleagues that this is really a duplicate policy as he has excellent Death in Service policy with his employer. We have just now cancelled his part of this policy (Scottish widows) but kept mine as I am currently unemployed. Do we have a good case for claiming this as a mis sold policy? We did not need it and at the time we were not asked about any protection we may have already had with our employers?

antrobus

Birdy74 wrote: »

Advice welcomed. In 2013 my husband and I changed our mortgage from part endowment/part repayment to complete repayment mortgage. As part of this process with Halifax we were told we had to have Life Cover and so we signed up. My husband has now realised through discussion with work colleagues that this is really a duplicate policy as he has excellent Death in Service policy with his employer. We have just now cancelled his part of this policy (Scottish widows) but kept mine as I am currently unemployed. Do we have a good case for claiming this as a mis sold policy? We did not need it and at the time we were not asked about any protection we may have already had with our employers?

If your "husband has now realised through discussion with work colleagues that this is really a duplicate policy as he has excellent Death in Service policy with his employer", then he clearly did not tell the Halifax this was the case back in 2013.

How could it be a mis-sale?

BoGoF

Would the death in service payment cover the mortgage taken out?

Keep_pedalling

I would have thought with you having no income the additional insurance would have been a good thing. If you died he would have the mortgage paid off and still have an income. If he dies you will be in a much worse position so the additional cash would be very useful, so I don't think it was a particularly smart idea to cancel it.

-taff

Death iin Service is not an overlap with life cover on the moertgage because the lie cover would have paid he mortgage off. The death in service you could have spent on blls and other things that crop up.
If he had stopped working for tem, he wuld have lost that cover anyway.