If you answered yes to the above question there is a chance that your Co-Operative Insurance Services Whole of Life policy was mis-sold and you could be due compensation.
A Whole of Life policy is designed to pay out a lump sum when you die. The payout is added to your estate.
There are a number of different options available when taking out life assurance.
Many advisors chose the Whole of Life policy for the consumer rather than a term assurance, often not giving them enough information to make an informed choice.
Many consumers were not advised that the Whole of Life policy would be reviewed in later years.
Many advisors did not discuss the possibility of the life cover amount reducing or the premium needing to increase.
Many advisors did not take into account the level of experience consumers had.
A whole of life policy has a stocks and shares investment element that has potential for some returns but also comes with increased risk that often didn’t match the attitude of the customer.
Many advisors did not discuss the level of life cover that would be appropriate for the consumer.
Many consumers often had life cover through existing policies or work based pensions and therefore did not realistically require the whole of life policy.
Compensation to pay back the money you lost and put you in the position you would be in if you had been sold the correct life assurance in the first place.
An additional 8% Compensatory Interest can often be added to any investment loss suffered.
This is all possible even if you surrendered your policy, or you have no paperwork.
We have a special time-barred complaints team and can also win cases where the firm that sold it to you are no longer in business.
You do not need to use a CMC to make a complaint to a lender or other compensation scheme, such as the Financial Services Compensation Scheme (FSCS). If your complaint is not successful you can refer it to the Financial Ombudsman Service (FOS) yourself fee free.
It IS Your Money will never charge you a penny to set up a complaint.
If we don’t win you anything, we don’t charge you anything.
Unlike other companies we have no extra costs we’re not telling you about.
We have a very high success rate spread across many thousand happy customers.
We want to win your claim, fast. We don’t get paid until you’ve been paid.
Our experience goes a long way, we’ve won thousands of cases in our time.
We offer a bespoke service with no hold music and a person on the phone within seconds.
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