Term Insurance Decision Reference 2023-0075

Case OutcomeRejected
Year2023
Date28 March 2023
Reference2023-0075
Subject MatterTerm Insurance
Finantial SectorInsurance
Conducts Complained OfMis-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.

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