A question about : Was I miss-sold life insurance
Hi, my partner and I got our first mortgage back in June 2006. Being young and inexperienced in such matters, we pretty much signed up for everything Northern Rock threw at us. We have already successfully claimed back the PPI insurance that was sold alongside the mortgage but now I'm wondering about our life insurance policies with Legal & General.
Basically, we were each sold our own policy as well as a joint one - being told at the time that this was needed. Looking at L&G's website now, it lists the pros and cons of a single or a joint policy - I can't seem to find a reference to them suggesting both.
Would I be correct in thinking this is a potential miss selling of a policy and if so, would it be possible to claim back the payments made in a similar way to PPI?
Many thanks for your time 
Best answers:
- Overlap of cover wouldn't have been a problem, since in the worse case they would have both paid out to the beneficiaries..i.e. Cover the Mortgage and provide some money for the surviving person - all very sensible where families\dependents are involved...
So 'over providing' really wouldn't have been problem for them,, it is only because you are both living still that you view this as a waste \ Misssold.. - Wow one of the most known forums for good advice and not a single reply without some form of smartass comment in it - well done guys!
- Not sure why you think the advice given were 'Smartass Comments'? Had the policies needed to pay then it would have helped the beneficiaries. Its not as if only one would have paid out (hence Implying one of them wasn't needed \ missold)..
Or are the comment smartass because they don't match your opinion?
Quote: - Guess I missed the fireworks then...
Quote: - I think I made some stupid remark that was removed.
I think the point people get at is that if the policy holder had died and policy paid out the OP would not be here alleging it was mis-sold. The problem with these forums is that it gives people the impression that insurance is wrong to have and refundable when its not.
Some people who post seem to get quite upset they havent benefitted from insurance policies, but forgetting that insurance is to cover unforseen events. - The post was full of swearing and the sort of thing that most people would have been PPR'd for. It was one of the foulest mouthed attacks I have seen on the board before. However, there was nothing to really provoke it. Other than the fact we couldnt agree that it was mis-sold.
- Does it not come down to how it was sold?
My ex and I were sold life assurance and I think something else I haven't yet found the paper work for. We were young and niave, not the lenders fault, however I think they told us we had to have it. The lender set up a meeting with presumably a financial advisor who didn't give us options, just signed us up!
I have seen ppi work well for a relative and I've known and elderly lady completely taken advantage of by it. I'm not one for trying to get something just because I can, I understand the need for life insurance.
I should also say this was 2002 so maybe too long ago.
Also being a newbie, there was something slightly aggressive to some of the first replys which put me off posting At ffirst - Minutemess - there are lots of ways life assurance can be sold. Too much cover, whole of life instead of a term policy, not enough cover, escalating premiums, renewable premiums. It is all in the nuance and policy details of how they related to your circumstances at the time of the sale.
Once you find the paperwork, sit and have a good think about whether your older and hopefully less niave person still thinks it was wrong before making your complaint
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