Term Assurance etc......

[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.

[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]

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.

[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?

[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......

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!!!!

Thank you for that, that's what did come to mind.

Will look further into the paperwork, however, I am no longer with these, as I opened another, and cheaper one elsewhere, but were paying into it as from December 2000 not 2001 to about October 2009.

[mgfboy]

Re: Term Assurance etc......

Well bang them of a letter, saying it was set up on a incorrect basis and that you wish for a full refund. If it was done though the bank they have no excuses to not know you DOB

Bank assurance shall we say is always the expensive option and very few of their advisors stay in the banks if they are any good!!!!!

[di30]

Re: Term Assurance etc......

Well bang them of a letter, saying it was set up on a incorrect basis and that you wish for a full refund. If it was done though the bank they have no excuses to not know you DOB

Bank assurance shall we say is always the expensive option and very few of their advisors stay in the banks if they are any good!!!!!

LOL cheers so muchly.

Yes I think I will try my luck.

I blame myself too in a way, especially for not checking the paperwork properly then, but your right though, they should have had my details correct, so goodness knows what other mistakes they have made.

[di30]

Re: Term Assurance etc......

Yikes, where to start lol!

I have cover in place as well with Axa/sun life, and it was joint, not bad payments either, and did at the time when the remortgage was taken out with the bank in 2007.

However, going back to the bank again (lloyds) mine as stated in above posts continued, whilst hubby's went onto a new cover.
We were going to borrow more, and the quote was done on that, and he was told for this mortgage, its the cover he should have, as he was the main account holder.

Anyway, that actual remortage was meant to go ahead in May 2007, but things changed and the amount was dropped, but we only now stupidily realise that the payments hubby was paying for with a decreasing term assurance, critical/life was for the amount of the first quoted remortage and the payments started coming out almost immediately for the assurance, yet the remortgage when sorted out did not go ahead then until beginning of September on a lower amount!

Where do you think hubby squares off with this one? At £11K difference?

Cheers.

[mgfboy]

Re: Term Assurance etc......

Yikes, where to start lol!

I have cover in place as well with Axa/sun life, and it was joint, not bad payments either, and did at the time when the remortgage was taken out with the bank in 2007.

However, going back to the bank again (lloyds) mine as stated in above posts continued, whilst hubby's went onto a new cover.
We were going to borrow more, and the quote was done on that, and he was told for this mortgage, its the cover he should have, as he was the main account holder.

Anyway, that actual remortage was meant to go ahead in May 2007, but things changed and the amount was dropped, but we only now stupidily realise that the payments hubby was paying for with a decreasing term assurance, critical/life was for the amount of the first quoted remortage and the payments started coming out almost immediately for the assurance, yet the remortgage when sorted out did not go ahead then until beginning of September on a lower amount!

Where do you think hubby squares off with this one? At £11K difference?

Cheers.

Di

Normally the cover should start from the date the mortgage exchanges or when the funds are drawn down, but to be fair I've had it loads of time if it's the case of a few weeks clients often want it putting on risk when its accepted.

On the 11k difference , see if you have the original reason why letter that the banks adviser would have given you when you agreed to take the policy out. If it make no note of the change in mortgage amount or you weren't sent an update, then you may have grounds for at least getting a refund on the premium on the extra 11k or maybe use that as grounds for cancelling back to the on risk date.

[di30]

Re: Term Assurance etc......

Di

Normally the cover should start from the date the mortgage exchanges or when the funds are drawn down, but to be fair I've had it loads of time if it's the case of a few weeks clients often want it putting on risk when its accepted.

On the 11k difference , see if you have the original reason why letter that the banks adviser would have given you when you agreed to take the policy out. If it make no note of the change in mortgage amount or you weren't sent an update, then you may have grounds for at least getting a refund on the premium on the extra 11k or maybe use that as grounds for cancelling back to the on risk date.

Hiya

Cheers for that.

There was no update letter, and before the 30 days were up, they taken the direct debit payment as well in regards of the first amount, before we had the chance to cancel, and stupid that we did not question this really.
The letter we did receive was actually on the date they debited the amount, was to check the details and to send a copy of the form back to them signed in order for the policy to continue, we did not get there, but the payment was taken despite them receiving this.

Strange I know.

[di30]

Re: Term Assurance etc......

Done, give it a go, considering we already had and have adequate life/critical cover in place as well.

Watch this space lol, cheers for your advice.

[di30]

Re: Term Assurance etc......

Letter in envelope, going by signed for delivery tomorrow, first class, they should receive it by Tuesday.

Enclosed copies of the appropriate paperwrork of the remortgage not gone ahead and it was 3 months on with less amount borrowed.

[mgfboy]

Re: Term Assurance etc......

Letter in envelope, going by signed for delivery tomorrow, first class, they should receive it by Tuesday.

Enclosed copies of the appropriate paperwrork of the remortgage not gone ahead and it was 3 months on with less amount borrowed.

Cool, I think you should have a good chance of getting at least a part refund.

[di30]

Re: Term Assurance etc......

Cool, I think you should have a good chance of getting at least a part refund.

Thank you mgfboy, I will be happy with that, so fingers crossed.

I shall keep you posted, thank you for your help.