The first step in claiming back mis-sold payment protection insurance (PPI) is always to complain to the firm who sold you the policy. Many people do this via a claims management company who specialise in claiming back mis-sold PPI.
If the firm rejects your complaint, or makes you a compensation offer you are not satisfied with, you can refer the complaint to the Financial Ombudsman Service (FOS). The FOS has experience of investigating hundreds of thousands of PPI complaints, and is an independent body set up by Parliament to rule on complaints involving financial services organisations where the complainant and the organisation cannot reach an agreement. The FOS can only get involved if you have complained to the firm who sold the policy first.
You will need to complete the FOS PPI consumer questionnaire. This is an eleven page form which includes questions about when the PPI was sold, why it was sold, your personal circumstances at the time and why you feel you have grounds for complaint. If you use a claims management company then they can be used a source of reference and provide valuable support in completing the form to ensure that your case is not jeopardized.
The firm must complete the FOS ‘response form’, which includes a section requiring them to explain why they rejected your complaint.
Key considerations for the FOS will be whether:
- you received information at the point of sale that was clear, fair and not misleading, to allow you to make an informed choice about the transaction.
- the firm took adequate steps to ensure that the PPI was suitable for you.
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When purchasing life insurance, you will have to decide whether to purchase term or permanent life cover. Sometimes, you can even purchase a combination of both. However, understanding the differences and workings of the policy will help you know which one will be best for you. Below is an overview of the policies:
Term Life Insurance Policy
With a term life policy, a benefit is only paid if the policyholder dies. The policy can be taken for a number of years (terms), usually 10, 20 and 30-year terms. If you live past the term of the policy, neither you nor the beneficiaries you had designated get any money.
Benefits of Term Life insurance
Term life is the most basic insurance policy and is typically cheaper when the risk of death is low. The premium charged for a cover increases with the age of the policyholder and increasing risks. For most people, term life insurance is the best option since it allows one to choose the length or term and amount of coverage to purchase. The coverage amounts can range from £100,000 to several million pounds.
Term life insurance can be used to cater for short term needs. For example, you can purchase a policy that expires when your children finish college. This will ensure that your children continue with education should you pass on. Another example is with regards to your home mortgage. By purchasing a cover that expires at the end of your mortgage payments, you will be sparing your loved ones from the financial burden of paying for your debt if you die before clearing it.
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When you retire, one of the things you will have to address is what will happen when you pass on. While no one would wish to pass on, the reality is that death is inevitable. When death happens, loved ones are usually left with emotional pain and heartache because of losing someone. However, if you are the breadwinner of the family, the pain will extend beyond emotional to touch on finances.
The best gift you can leave your family when you are gone is a secure financial future. One of the expenses that you family will have to contend with is arranging for your funeral. Funeral arrangements are usually expensive and can drain the financial resources of the family. You can however ensure that your family does not suffer by taking a funeral insurance plan early in your life.
What is Funeral Plan Insurance?
A funeral insurance plan is a cover that is meant to relieve your loved ones of the financial constraints that come with having to arrange a funeral. The cover provides a specified payout, depending on the policy you took, and some additional benefits. For example, some insurance companies can provide both a funeral payout and a loss benefits to your next of kin.
Depending on the insurance company that you take a cover with, you can specify the uses of the funeral payout you are leaving your family. For instance, if you still have kids in school, you can indicate that part of the payout be used to pay their college tuition. This way, you will be guaranteeing the education of your children even when you … Read the rest
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