Life assurance mis-selling success

louisewestlake

So another episode in my fight against rip off financial institutions. I took out life insurance to cover our mortgage plus a lump sum back in 1994. Started at £50, then went to £111 in 2012. Last month I was informed that it would increase another £100. I looked at original documents and it turned out it was a whole life assurance policy instead of a term assurance (ie to end of my mortgage). So I organised a different much cheaper one and rang to cancel this policy. While I was on the phone I had a bit of a rant about the fact they’d sold me a whole life policy. The guy asked if I wanted to complain, so said yes. I received a form in post, but hadn’t filled it in, due to life getting in the way. I received a reminder last week and was going to do it this weekend. Yesterday i received a letter agreeing that it should have been a term assurance, and it should have remained at £50, so they are refunding the extra £61 a month that I paid since 2012 plus interest. £4400. If you are around my age 50, you should look at any policies that you took out in your 20s or 30s. So many disgraceful commission grabbing practices going on. I can’t believe they paid up so easily, makes me think they’ve been in trouble about this.

dunstonh

The was a pretty easy missale complaint. The policy should match the obective. So, a decreasing term was the obvious match. Easy complaint. right outcome.