how to claim for missold endowment policy?

julieworcs

Does anyone know how to go about claiming for a missold endowment policy that I had to support a mortgage back in the 80's?

julieworcs

It was with Royal Life, now part of Phoenix Life.

jaybeetoo

Why do you think it was missold?

foxy-stoat

How much is it short by?

davidmcn

Do you have a Tardis? The vast majority of potential claims are out of time, if they ever existed in the first place.

dunstonh

The endowment issue is largely done and dusted now. Just a few stragglers but over three quarters of endowments are time barred from complaint.

You say 80s. When in the 80s? This is important as regulation didnt start until April 1988. So, was yours a pre-regulation endowment?

Who sold it to you? You complain to the seller. Hoewver, if it was a local broker (pre 88) or IFA (post 88) then you give up now as pre-regulation with them means they do not have to consider the complaint.
If it was sold by an employee of Royal Life then you complain to Phoenix.

However, an 80s sold policy has probably matured a long time ago. Under FCA rules, you need to raise a complaint within 6 years of commencement or three years from being reasonably aware of an issue. Whichever is the longer. If it matured more than 3 years ago, then they could use the timebar to block you.

Also, in the early 2000s when endowments started falling short, they issued warnings with the statements. Many providers use those to start the three clock.

Finally, unlike PPI, the uphold rate on endowment mortgage complaints was only around 25%. i.e 1 in 4.

So, you may still have the opportunity to complain but the odds are very low. You havent given us enough detail to say much beyond that.

Jillpaul

I too am looking at an endowment policy from Nov 88. Was sold as going with the mortgage and had a ten year review on it. At the ten year it was rolled on, after Sun Life trying to stop it all together and objection raised. Then later they cancelled the policy stating health reasons, wife had fibroids so they said they couldn't cover us any more. She subsequently died of cancer and we had no life insurance at all. Now, all these years on, I'm thinking were they allowed to cancel the policy as there is nothing on reading the policy now that says changed health will result in cancelling policy? The review clause states review to ensure payment will reach the endowment, nothing about change in circumstances. Anyone help or am I just too late?

dunstonh

Jillpaul wrote: »

I too am looking at an endowment policy from Nov 88. Was sold as going with the mortgage and had a ten year review on it. At the ten year it was rolled on, after Sun Life trying to stop it all together and objection raised. Then later they cancelled the policy stating health reasons, wife had fibroids so they said they couldn't cover us any more. She subsequently died of cancer and we had no life insurance at all. Now, all these years on, I'm thinking were they allowed to cancel the policy as there is nothing on reading the policy now that says changed health will result in cancelling policy? The review clause states review to ensure payment will reach the endowment, nothing about change in circumstances. Anyone help or am I just too late?

You should create your own thread rather than attempt to hijack this one. Copy and paste the text but perhaps clarify the policy type as it does not sound like a conventional endowment. Possibly a renewable or convertible assurance

Old_Lifer

'Cancelled for health reasons'. 'tried to stop the policy'



Was there some medical condition that was not disclosed on the proposal form ?


What happened just before the policy was cancelled?

Old_Lifer

Sorry dunstonh, I didn't see your post until after I had replied and scrolled back up the screen.

julieworcs

thanks for all the posts - it started in July 88 to answer one of the questions raised, and I'm going to write to Phoenix to make a complaint as it was sold by an employee of Royal Life back then. Odds are very low about it making a difference but it will make me feel better.