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critical illness insurance

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  • critical illness insurance

    I have just found out that I have 2 critical illness insurances with HSBC dating back to 1995. I am somewhat confussed as I thought I just had one but have now discovered that I have one attached to my endowment morgage as well as one as part of the HSBC survival plan (back in 1995 it was midlands) I believe that I have been missold one of these surley it would have been mnore sense to have had an income protection plan as part of the survivial plan why would I have 2 critical illness insurances?

    Can anyone advise please
    Tags: None

  • #2
    Re: critical illness insurance

    Hi, welcome.
    Yes the 2nd policy would not have been needed, there cannot be two policies for the same risk as only one would pay out.

    Comment


    • #3
      Re: critical illness insurance

      I think you are incorrect there, Nemesis.
      You can have as many critical illness policies as you wish.
      They are a type of life assurance and should not be compared to cover such as household fire insurances which are an indemnity.
      THe hsbc policy would have been designed to pay off the mortgage, the other was probably sold as "a good thing".
      They are really good for the banks and building societies and even insurance companies who sell them at prices much higher than can be obtained through independent intermediaries
      Whether or not you were missold will depend on whether or not they were appropriate for you at the time.

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      • #4
        Re: critical illness insurance

        the survival plan i purchased also have life assurance as well as the critical illness I certainly had no idea I had 2 until I recently went through all my insurance doc's and discovered I had a variety of PPI as well but I have dealt with this and it was dealt with swiftly by HSBC but my one with Barclay card was a bit of a fight but is sorted now.
        recall the HSBC/midland bank advisor visiting me at home to sell the insurances but I thought I had purchased a income protection - guess I should have paid more attention to the paper work back then (1995) but I had just had a baby so think my brain was a bit mushy at the time and i was moving to a new home so it was all a bit full on. Have never really gone back through my papers until recently so was a bit of a shock.

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