Mis-sold life insurance is a major problem that not only the banks are facing but all of the financial advisers promoted the life cover or whole of life cover. The temptation by the financial advisers or banks to secure life cover which was not necessarily required, too costly, inappropriate or poorly advised with no advice that shopping around would be financial beneficial and a real winner for them.
Can you claim back Mis-sold life Insurance?
You can claim back mis-sold life insurance if you believe or were concerned by the sales process undertaken by whoever sold the policy and for whatever reason. Many banks or building societies required life cover in order to protect borrowings either for personal customers through overdraft loans and mortgages or to businesses in order to secure the many forms of business borrowing or guarantees that individuals provided.
What is Mis-selling life Insurance?
Life-insurance is readily required and an important part of the financial make up of any individual or individuals in protecting themselves and their loved ones should something happen to them at a point in the future. Some policies secured their financial position against serious illness such as cancer, heart attacks or other conditions known to be terminal. Whilst life insurance is an incredibly useful product if it is not sold correctly not only connect cost considerable amount of money but also it may well leave you with confidence which sadly would be misplaced. If you have any life insurance it is certainly worth checking to make sure cells plus undertaken was correct and appropriate for your needs.
What types of whole of life insurance policy are there?
There are many types of life policy surrounding life cover. They can be split into three main areas relating to individual or joint policies of traditional life cover. Individual or joint policies in relation to whole of life cover (serious illness). There is also the various different areas under the one heading of business cover. In this particular instance you as an individual will be protecting the repayment of business borrowing should anything happen to you as an individual. This may well be as sole trader or as a company director.
Is mis-selling illegal?
Any form of mis-selling is against the rules and regulations laid down by the financial conduct authority (FCA). It is important to make sure that the financial products and services including life insurance is correct for your needs, sold as an appropriate product to meet with the requirements that you had that particular time and taking into account the circumstances and financial implications of your future financial needs. Many life insurance policies are correct and appropriate and the correct sales process has been followed, however as we have seen with numerous mis-selling scandals over the years the considerable financial inducements revolving around any sale for the financial adviser by way of commission can mean that mis-sales do happen either as a result of inappropriate advice for financial gain or due to their lack of thoroughness and skill.
Can I claim back MPPI?
If you have had any form of mortgage protection this can also be an area which has been mis-sold if you were not given the advice to be able to shop around to find any other product that offers more cost-effective and appropriate financial benefit. Some lenders have in-house sales teams and has tied agents these products can be limited. The not necessarily incorrect but they are worthwhile checking and the advice provided questioned.
What should I do if I have Life insurance?
If you have had any form of life insurance in the past or still do it is worthwhile checking. We would be delighted to any form of protection you may have had surrounding a life-insurance policy if you feel uncomfortable as to whether the product was sold to correctly. This does not mean that the policy was incorrect for your needs which is why we work on a no win no fee basis but it’s certainly worth checking out.
Is all Life Insurance wrong?
In the majority of cases Life insurance is a necessary product in order to protect your family or business interests should anything happen to you both as a result of death but also with regard to certain types of life insurance policies if you encounter serious illness which will of course impact on your ability to provide financially for your loved ones or conduct yourself effectively if you are a business owner or important member of business team.
Can I claim back Life cover on Business Borrowing?
Life cover is incredibly valuable commodity for financial institutions in particular banks when dealing with business customers. Those business customers require finance whether it is in the form of overdraft facilities loans or other forms of commercial finance. Financial institutions tend to look at protecting the borrowing against an individual’s death or serious illness. This is not necessarily the best financial solution available and can be costly depending on the borrowing levels the cover is required.
What can I claim for a Mis-sold life policy?
You can claim for the sold life policy number of different ways where the policy provider or broker may well have to address, either the policy and premiums that you have paid in their entirety through to having to conduct a review and proportionally refund monies if the policy was expensive or inappropriate for your needs. Commissions would be to be addressed reflecting upon the advice provided and the outcome of any investigations. Another area that also need to be covered is the potential liability should incorrect advice been provided under life policy or whole of life policy that was taken out in good faith was not then paid when the event believed to have been covered occurred. Namely death or serious illness the person or persons insured.