OT- Insurance Element of savings plan.

Completely off topic, but sure some clever bod here can help or point me in the right direction.

I'm looking into a savings plan that yielded a really crap return over last ten years (£2600 in - £1,400 out!) which the company have said 'poor investment yield, tough shit'.

But the plan included an element of insurance which the saver did not want/expect/need/ask for- which must have cost some part of the premium and thus reduced the yield of the savings by the invested amount being reduced.

The cover was only £6,750 , but this must have cost something (£1? £3 pm?), is there somewhere I can find out or someone who might know? (Saver would have been 33 at time of policy, Non Smoker) The policy was a 'Tax Exempt Savings Scheme' from a friendly society.

Basically I'm hoping I can declare the policy mis-sold on the excessive? insurance element.

Reply to
Take a Walk
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Crossposted in full to uk.finance. (Original thread on uk.legal in full - )

Ring some life insurance companies or brokers (eg

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for a quote for term insurance which is equivalent. I doubt if companies will quote for less than £50,000 as last time I looked, several years ago it was about £7 for £100,000 for a 30 year old non smoking office worker. I believe premiums have since reduced. The Daily Telegraph (amongst others do periodic reviews - )

IME the friendlier the organisation in the initial stages, the more likely your are to be ripped off later.

Personally I avoid friendly societies, life assurance companies and bundled products as they seem to offer poor value for money.

Look at the FSA site

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for details of the criteria for complaints. If the previous plan which you asked for a replacement had life insurance then I doubt if you'll win unless it's specifically stated somewhere that you didn't want insurance. Bad salespeople are adept at filling in a fact find so that it doesn't rule out products with high commission, such as this.

Daytona

Reply to
Daytona

"Daytona" wrote

Where do you get your life-cover from?

Reply to
Tim

x-no-archive: yes

check with the FSA, may have a case for being mis-sold a policy that was not suitable...

Reply to
croft

Nowhere.

Reply to
Daytona

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