Mis-sold life insurance?

TinaLV

Hi

This is a strange one, I was sold life insurance with L&G through a broker.

However the broker was a friend and I felt bullied into buying it, this happened to many more ‘friends’ who since cancelled their policies.

I recently realised that the policy is only for 20 years, I maybe naively thought life insurance was for whole life.

can anyone advise?

thank you in advance!

MyRealNameToo

TinaLV said:

Hi

This is a strange one, I was sold life insurance with L&G through a broker.

However the broker was a friend and I felt bullied into buying it, this happened to many more ‘friends’ who since cancelled their policies.

I recently realised that the policy is only for 20 years, I maybe naively thought life insurance was for whole life.

can anyone advise?

thank you in advance!

Whole of life assurance is a very different product with very different premiums to term life insurance. The vast majority of life insurance sold is term insurance like yours which much lower premiums because most people's financial obligations go away when they retire, kids leave home or mortgage is paid off etc. 

Ultimately you would have to complain to the broker and if you dont like their response then escalate to the ombudsman. When did you purchase the insurance? If it's many years ago you are likely to be time barred. 

TinaLV

hello
thankmyounfor The reply
it was 2014 that I took out the policy so I assume that will be time barred?