Term Insurance Decision Reference 2023-0075

• Case Outcome: Rejected
• Subject Matter: Term Insurance
• Reference: 2023-0075
• Date: 28 March 2023
• Finantial Sector: Insurance
• Conducts Complained Of: Mis-selling (insurance)

Decision Ref:

2023-0075

Sector:

Insurance

Product / Service:

Term Insurance

Conduct(s) complained of:

Mis-selling (insurance)

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns a Mortgage Protection Policy (“the Policy”) incepted by the

Complainant and his late wife. The Policy was sold to them by the Provider which was an

independent intermediary.

The Complainant’s Case

The Complainant explains with reference to his position and that of his late wife, that their

“intention for taking out the Plan was to cover the Mortg age should something occur”. He

sets out that, whilst the outstanding balance on their mortgage at Policy inception was

€133,755.61, the level of cover of the Policy incepted, was only €125,000.

He complains that the representative of the Provider:

“did not request or ask for confirmation of the exact level of [their] Mortgage in

relation to which [they] were taking out the [Policy]”

The Complainant sets out that, when his late wife passed away in mid-2016, the level of

cover paid out by the insurer was insufficient to discharge the mortgage loan in full. He

submits that “discharge[ing] the Mortgage in full […] was obviously [their] intention for

taking out the [Policy and that] [a]s a result of the failure, negligence and breach of duty of

[the intermediary] and/or [the Provider]” he has suffered financial loss.