Mis sold life insurance

[Deleted User]

Divatrish wrote: »

I never received any policy documents,

Everyone "complaining"claims this was the case, you realise?
Is it not more likely you have simply binned or lost the paperwork in the interim?

-taff

There is no chance you didn't receive any documents relating to your loan.
You would have had to sign paperwork for this insurance, sign a direct debit mandate, etc. Your docments would either have been sent to you in physical form or you would have downloaded them.
And if you were paying this insurance monthly, did it not occur to you in any of this time to actually perform a financial check once a year to see if this was still apporpriate?

Takmon

Divatrish wrote: »

Less than 10 years ago, I took out a personal loan with Alliance & Leicester (Santander). I was advised to take a life insurance policy by the bank via Legal & General as I had 2 dependents. Policy was to pay £500 per month each for 10 years in the event of my death. I had no other life insurance. What they didn't tell me, was that it was time limited ( due to expire 2020), or that I would get any rebate if no claim made. It was £22 per month. My question is, was I mis sold, and can I claim this back. The loan was paid off years ago, and am fuming that I've been paying this, with nothing at the end. I rang L&G and they said it's down to the bank

Divatrish wrote: »

Thanks for the replies but..
1. I was NOT told it was time limited, and the loan term was 3 years, starting 2006, and was paid off within that time
2. I never received any policy documents, I only asked because the letter informing me that the term was due to expire arrived, and this was the first correspondence I received from them. (I should have chased up earlier)
I expected this was a life insurance policy for my life, and that's why I'm angry. I have no problem with insurance, but I asked a question because of the above

I don't understand how you could seriously think this policy covered you for your entire life. Let's just look at the figures; if it pays out £500 a month to two people for 10 years that's £120,000 in total.
Your paying £22 for the policy so even if you started at 18 and paid it all the way until you were 100 years old you would have only paid £21,648.

So you think the insurance company makes almost £100,000 guaranteed loss for every policy they sell?. I hope you don't run any kind of business :rotfl:

Plus you've been paying this for 12 years now and claim to have no documents ever. Maybe you should check what else you paying that you don't understand as you may find your wasting alot of money.