Term Assurance etc......

[mgfboy]

Re: Term Assurance etc......

Hi Di

If they made you 5 years older than you are , you have been paying too much ( life assurance is age rated). As a minimum they should refund you the difference but I should imagine they will cancel back to inception if that what you want.

As for not paying out , normally in a case like this most companies would pay out , after all your paying more than you should!!!!

[di30]

Re: Term Assurance etc......

Found more details and I naive I must have been!

And yes I agree I should have checked the paperwork, and somehow missed it totally!

My date of birth on the policy is wrong, instead of 1968, it's down as 1963, wonder if that could have voided a claim?

[di30]

Re: Term Assurance etc......

Di

I hate to say this but like any insurance policy, they are only any value if you claim, I'm sure that if you had a death in the family the money would have been much appricated.

You could make a complaint as to if they where missold, but if they where sold along side a loan etc you might be on weak ground.

In my experiance very few people have to much life insurance, but to be fair I tend to review people every couple of years

Hi
and thank you for your feedback.

Yes I totally understand what your saying here and appreciate it very much.

As you said, with too many insurances in place, is what we did already have lol, also to cover for the family etc.

When I said it was sold the same time as the loans/credit cards etc, it was just another product that they came up with the same time, where any loans taken out then were already protected.

Although I do see your point though. Thank you.

[mgfboy]

Re: Term Assurance etc......

Di

I hate to say this but like any insurance policy, they are only any value if you claim, I'm sure that if you had a death in the family the money would have been much appricated.

You could make a complaint as to if they where missold, but if they where sold along side a loan etc you might be on weak ground.

In my experiance very few people have to much life insurance, but to be fair I tend to review people every couple of years

[di30]

Over the last 10 to 15 years, I was a right soft mug when it came to my bank - Lloyds (ok, don't bank with them anymore) and have cancelled insurances with them to go elsewhere.

As we know we can make a reclaim on mis sold PPI, loans, credit card and so on, but I was sold that many packages and always enticed into taking out lots of different insurances, such as term assurance over the years.

There was one taken out in 2001, that was to pay over 15 years, and it was updated (can't recall why) in 2003, and was paying just under £20 a month.

Finding old details/paperwork on this, although it was Lloyds that sold these products to us in the bank, it was Scottish Widows policies.

Hubby was also paying for his own as well.

I can recall that I had to add my 2 son's names, date of birth etc and it covered for 15 years, but at no cash value.

Anyway, I am really not sure how beneficial these policies were to me really, because I think it was to pay out for example my mortgage, such as if anything happened to me, but then I already had/have cover in place.
But as stated, I was so gullible back then and when taking out a personal (non secured loan) it was then they would at the same time, say this and that was beneficial and so on, even when they kept upgrading on the accounts, from gold to platinum and so on where not everything was suited to my requirements.

So, in light of this, do you think any of these products are reclaimable on complaining?

Cheers in advance.