I claimed successfully for a mis sold endowment policy and recieved a few hundred pounds in compensation, But now the shortfall has increased considerably.. Can I claim a second time?
Policies
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shortfall
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Sorry but once you have accepted the offer made by the insurance company you cannot claim again.
When you were made the offer of compensation you would have received a letter from the insurance company stating how much they were prepared to pay you. You could have accepted the amount or could have gone to the Ombudsman for him to mediate (in which case you may have been offered more or maybe less, or nothing, depending upon his assessment of the circumstances). As you still have the policy I assume therefore that you replied to the letter and accepted the offer. There were some instances of a cash amount being paid although it has been more common for the amount of compensation to be added to the policy value.
Generally an insurance company will calculate a reasonable estimate the amount of compensation (if, for no other reason than they don’t want to be picked out by the Ombudsman as short changing their clients).
If your policy is being used as a way of paying your mortgage then clearly it will not provide enough money. Consider saving some extra money in some other way. Maybe the amount you are saving on your mortgage payments as interest rates are much lower now than when the policy was started, would be sensible.
If the policy was started as a saving plan then again, it isn’t going to get you what you want. In this case you may wish to make the policy "paid up" that is you advise the insurance company that you wish to stop paying the premiums but want the policy to continue. That way you should get some sort of pay out on the maturity date. Of course, if you do this or cancel the policy you will lose the life assurance cover.
Do get an Independent Financial Adviser (IFA) to look at the policy to determine whether it is worth continuing, what if anything might be a sensible replacement and if you do cancel the policy, to help you get some replacement life cover if you think you need it.
No. It’s over and done with.