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problem after surrendering endowment


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I went through the ombudsman to claim mis-selling of my endowment and won, the insurance company calculated the shortfall and paid out (eventually) but now I find that i am no better off. I've converted to a repayment mortgage but am paying tons in extra life insurance so I'm actually in a worse position. The previous endowment company say they have followed the guidelines...........is there anything I can do?

Poppynurse :)

 

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  • 2 weeks later...

You need to look at the reason you are paying more for Life Cover.

 

Has

  • The amount of cover gone up? i.e. your policy will pay out more
  • Have you had an illness that could increase risk?
  • Have you rebroked your insurance?
  • Are you on a term or whole of life cover?

You can always get new quotes. Although, I would be hesitant about quotes from the cheapy (****ty) online Supermarkets. You will find that is the absolute minimum of illness that are covered.

 

If you need specific advise PM me. I am an IFA.

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I went through the ombudsman to claim mis-selling of my endowment and won, the insurance company calculated the shortfall and paid out (eventually) but now I find that i am no better off. I've converted to a repayment mortgage but am paying tons in extra life insurance so I'm actually in a worse position. The previous endowment company say they have followed the guidelines...........is there anything I can do?

 

There could be many reasons for this, the previous IFA has already highlighted a few. If you just have lifecover (without critical illness cover) then you need to ensure that you are paying the cheapest premium possible, after all, there can be no get out clause for the life company if you die, so why pay more than you have to?

 

I have a couple of websites that can help you obtain a quotation online. One of these which may particularly appeal to you is listed on my profile.

 

 

Good luck

Donate to your favourite charities without it costing you a penny. For more details please visit www.insure4charity.co.uk

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