What is an endowment policy?
An endowment policy is a type of life insurance investment which enables the policyholder to pay a fixed monthly fee until the contract ends and then they are given a cash lump sum. This is usually paid out when the contract reaches maturity after around 10 to 25 years, or in the event of premature death.
This may be ideal if you want to save up for a specific investment or event in the future. However, endowment policies can be problematic for several reasons that will ultimately affect your financial condition.
Have you been mis-sold your endowment?
There are numerous ways you may have been mis-sold your endowment policy, including:
- You were not fully informed about the fees and charges you were expected to pay out
- You did not receive a full assessment of your financial situation; therefore, an endowment policy may have been the wrong option for you
- Your financial advisor did not explain that you would experience a shortfall at the end of your endowment contract
- You received misleading information, which led to you believe that your endowment policy would pay off your entire mortgage
- An advisor recommended that you cash in your pre-existing endowment, which enables them to sell you a different policy
- You were informed that your endowment policy would run into retirement. However, they failed to establish your financial ability to continue with these payments once you are retired
If you have experienced any of the above, then you may be eligible for mis-sold endowment compensation.
What are the time restrictions for making a mis-sold endowment claim?
At Mis-sold Mortgage Experts, our professional mortgage solicitors can assist you with a compensation claim, which should enable you to become financially secure again.
If you believe you have been the victim of a mis-sold endowment, then you need to act fast in order to obtain the compensation you deserve, as there are time constraints to consider when making a claim.
You may receive a letter, warning that you are at high risk of shortfall and informing that you have six months to make a complaint before the official ‘final date’. This date is calculated as at least six years since the endowment policy was purchased.
There is a possibility that you can make a complaint after the ‘final date’ if you can prove that either the time-barring period was unfair or if you have extraordinary circumstances that should give you extra time to make a claim.
How to make a claim for endowment mis-selling?
Our expert mortgage solicitors can help you with every aspect of your claim, starting with the initial letter to the business that mis-sold you the endowment policy. This will contain all the information regarding your reasons for making a complaint, along with any evidentiary paperwork to prove your case.
Once the company is in receipt of the letter, they should then respond to us within eight weeks, which should usually detail an offer of compensation. We will then advise if this compensation is accurate and whether you are happy with the offer.
If you are not happy with the amount of compensation they have offered, we can assist you in making a complaint to the Financial Ombudsman, who will assess your case on an independent basis.
Contact Mis-sold Mortgage Experts today!
At Mis-sold Mortgage Experts, we work exceptionally hard to obtain the accurate endowment compensation our clients deserve.
We currently specialise in mis-sold endowment policies by Legal and General, as we believe many people have been financially misinformed by this specific company and deserve to be repaid for their misfortune.