Life insurance/mortgage protection: should I claim?

I heard on the news that it's the last 24 hours, so now or never...

In 1996 I bought my first house.
The estate agent who sold me the house also arranged the mortgage (and it was actually a good deal) and a life insurance policy that would pay out in the event of death or serious illness.

At the time I was single and wasn't too bothered about the death bit, but I thought if I am seriously ill I don't want to be homeless, and so I signed up.

A bit later on (maybe a year or two) I realised that in the event of serious illness that the policy would not pay off the mortgage, it would only pay the payments for one year and after that I would be homeless anyway.

At that point I cancelled the policy.

The problem is that I don't remember exactly what the estate agent fellow said or didn't say. I really don't think that he mentioned the one year clause though. It didn't deliver what I thought it would and that's why I cancelled it and that is a fact.

Do I have a claim?

Is it against the life insurance company or against the estate agent?

thanks

Comments

  • Do I have a claim?
    No.

    Is it against the life insurance company or against the estate agent?
    If there was any claim to be made, it would be against the estate agent as he sold it to you, but wasn't regulated at the time.
  • SonOf
    SonOf Posts: 2,631 Forumite
    First Anniversary First Post
    Do I have a claim?

    No. It pre-dates regulation (January 2005)
    Is it against the life insurance company or against the estate agent?

    The estate agent handles any complaints. However, as its pre-regulation, they do not need to consider a complaint. You dont have access to the FOS as its pre-regulation.
  • Thanks.

    That's useful to know.
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