Life insurance a joke can anything be done ?

[onestressedwoman]

Hi

 

I have a heafty life Insurance !!!!!!!!!! that the man who organized my mortgage put into place- at the time I was just doing as I was told

 

However I recieved a letter yesterday telling me the insurance policy runs out when i'm 56 ?? and cannot be extended

 

I am paying £115 a month for first life only under this policy and have compared to to my husbands seperate insurance £37 per month and payout just the same

 

This is making me hopping made I have in my eyes definately been mis sold this by a shizzer of a mortgage broker telling me this was my only option can I do anything about it

 

heres hoping

 

OSW

[Dotty50]

A few more details of the policy will help people to assist you.

 

How much is the sum assured? Does it include Critical Illness, which can bump up premiums, especially if you have any health issues.

 

How much is your mortgage, is it on a repayment or interest only basis and what is the term of your mortgage?

 

The broker should have given you full details of why the policy was recommended and costs involved.

[dx100uk]

i had that with lloyds

never got anywhere other than the ppi on it back

just never persued it after several rounds of letter tennis.

 

dx

[Dotty50]

But the broker should be licensed to sell this product via the Financial Services Authority so if it has been mis-sold there are option open to complain

[dx100uk]

yep

mines diff as it was loyds inhouse advisor.

 

dx

[Dotty50]

http://www.consumeractiongroup.co.uk/forum/showthread.php?282215-Oh-MY-LIFE-!!!-What-can-I-do

 

Are we talking about the same policy as mentioned here in this thread?

[honeybee13]

Well spotted, Dotty.

 

OSW, can you lay your hands on the policy document and the forms that you signed when you took out the policy? That's likely to be the starting point if you're going to complain. And did the broker do a 'reason why' type letter with their recommendations, as Dotty mentions?

 

As Dotty says, policies like Term Insurance and CI can show a pretty dramatic increase in premiums if you have health problems, which I think you said in your other thread that you do.

 

Please tell us what you can.

 

My best, HB

[onestressedwoman]

Haven't a clue where documents are in fact I don't think I was ever given them - sum assured £300,000 mortgage at time was repayment now interest only 25 years term

 

I filled in doc's with medical details but at time condition had no effect on my body I had never been ill and If only it had critical illness on it !

 

He never gave me an outline as to why this policy was being sugestted

 

I did at the time ask him if I could go elsewhere for cover and he said no?

[onestressedwoman]

DOTTY

 

Yes same policy I have read through what I wrote there - I said that it was adaptable term - which means I wrote that off the letter at the time so why does this letter now say term only ???

 

I am going to dig out that last letter whilst looking for the historic info - ones things for sure something is not right here either way

 

OSW

Edited November 30, 2011 by onestressedwoman

[honeybee13]

Hello again. I agree, this definitely doesn't sound right. There have been rules in place about recommending life assurance policies for many years, and they included providing you with written quotations and a 'reason why' letter when I was last involved with something like this.

 

Is the firm who advised you still in existence? I'm guessing you're dealing directly with the provider, am I right?

 

My best, HB

[onestressedwoman]

Yes HoneyBee

 

I think they are still in existence and yes only time I ever hear anything is directly from adviser (not advisor provider)

 

Definately not right hey but even then where would I go if I complain they refund my contributions ?? even then I would get stuck because I could never get another policy think either way I may shoot myself in the foot but £34,785 paid over period for nothing how can i justify that suppose all i ould hope for would be to pop my clogs

 

Annoying thing is I had a serperate insurance for this amount (as my husband has) before I took out the mortgage but missed one payment then could not qualify again

Edited November 30, 2011 by onestressedwoman

[honeybee13]

Hello again.

 

As I mentioned before, I think the starting point is the original documentation if you have it. How good is your paperwork, is it in date order ? Like mine isn't.....

 

My best, HB

[onestressedwoman]

Honey Bee

 

Thats where I scored points I have paperwork dating back to the ice age when I find the right box/folder all details I have will be in it and round about in date order

 

I will dig through over the weekend and see what I can find

 

In my fire hazard of a house

 

will re post before then if I have it sorted any sooner

[honeybee13]

Good luck, and it's great you kept all the papers. 'Speak' to you soon.

 

HB x

[Dotty50]

Best to wait until you have dug the paperwork out and once you have them, someone on here will hopefully be able to help.

 

Once you have gone through it all and if you feel you have a valid complaint then you must write to the Life company stating all the facts, especially what the adviser said at the time the sale was made (it should all be covered in the 'Reason Why Letter') and if it's not then I would certainly be asking questions.

 

Do you know if the man still gives advice? You you can check the FSA site to see if he is registered http://www.fsa.gov.uk/

[onestressedwoman]

Hi Folkes

 

I have had a dig through took me longer than expected everything in my life is go slow to say the least !

 

I have no reasons for why this policy was recommended by mortgage advisor therefore I was never given one just told to sign on the dotted line as it were.

 

So where do I go from here is it wise to take this further given my medical standing now ?

 

and in regards to this policy only covering me/us till we are 56 I really don't understand that because the top of the paper says adaptable term plan ?

 

confused again

 

OSW

[honeybee13]

and in regards to this policy only covering me/us till we are 56 I really don't understand that because the top of the paper says adaptable term plan ?

 

Hello again. Do you have anything in the policy document that defines 'adaptable' at all please? I would have thought it should be se out in writing.

 

My best, HB

[onestressedwoman]

HB

 

I haven't got policy document just letters sent to me stating Adaptable term plan on the top ?

 

could I request a copy of these doc's ??

 

On a mission today got to keep going while my body is still working so keeping my fingers crossed for tomorrow to be good too

 

Smiles

 

OSW

[honeybee13]

Hello there. Yes, I would have thought you have to be able to see the documents, unless they're on the internet these days?

 

Do any of the letters spell out what the policy could be adapted to?

 

My best, HB

[onestressedwoman]

Honey Bee

 

I will contact Insurance the minute I have managed to pay this months payment finding it difficult to scratch together -

 

Wanted to ask you I was going through bank papers the other day and have 2 insurances Life and critical illness policys niether of which I could evr have claimed on - these were sold to me by HSBC when I firstt bought my house they were hounding me to buy products infact the rep that sold me these came round to the house and was here 2 hours until he made a 'sale' I wondered given I could not ever make a claim can I make an application to have contributions repaid ?

[Dotty50]

Have you managed to get the details of the adaptable term policy yet?

 

If you believe you were missold the policies with HSBC then you would have to write to them and state all the reasons why you think it was and see what they have to say.

 

You also mention in an earlier post about the policy finishing when you are 56. Would this have been to coincide with the end of the original term of your repayment mortgage?

 

Any policy normally related to a repayment mortgage would be on a decreasing term so your life cover reduced in line with your mortgage (this would be cheaper than level term which would cover the whole amount of an interest only mortgage for the number of years the mortgage runs) generally a 25yr mortgage.

 

It's still difficult to give you any help without full policy details.

Edited January 9, 2012 by Dotty50

[onestressedwoman]

No Dotty

 

I looked for a statement of reasons provided by the mortgage broker nothing there errrr............

 

Knowing me and my paperwork hoarding I don't think I was given any ???????????

 

NO paperwork detailing policy details and all these letter say are adaptable term at top and no further details underneath other than this one that says its going to expire at 56 so I'm at a loss

 

I asked honey bee could I get copies of policy details from Insurers she said yes but haven't paid this months contribution yet so I will contact them when its been paid so I can't do anything till then can I

 

Smiles

 

OSW

[Dotty50]

There is no reason why you shouldn't contact them to get copies of the plan.

 

Beware of the policy lapsing if premiums are not paid on time! If you leave it too long, they can cancel cover until a new declaration of health is provided by you, it does vary depending on the company you are with though but with health issues, it could be a problem for you.

[onestressedwoman]

Dotty

 

I know

 

I will make payment they have had their money every month without fail for 11 years - not had any trouble other than the last 2 months always paid within the month though - should be square with them by the end of next week

 

No way would they accept any declaration of health from me now

 

Any policy normally related to a repayment mortgage would be on a decreasing term so your life cover reduced in line with your mortgage (this would be cheaper than level term which would cover the whole amount of an interest only mortgage for the number of years the mortgage runs) generally a 25yr mortgage.

 

It's still difficult to give you any help without full policy details.

 

Neither of the above really tally ? when mortgage taken out it was repayment and insurance is not decreasing cover ? level term ???? dates add up and cover amount to 25 years but none of this detailed to me on purchase as it were but still doesn't explain letter heading adaptable term hey ???

 

I will however get straight to insurance sold by HSBC - I really could have done without being so niave when I took out these policies hey

[Dotty50]

Which company is the adaptable term plan with?