Life insurance/mortgage protection: should I claim?
dieselnutjob
Forumite 8 Posts
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
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
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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.
No. It pre-dates regulation (January 2005)
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.
That's useful to know.