I think a lot of mis-selling was where people were advised to cash in an old policy on moving house rather than rolling it forward and taking up a new policy to cover only the additional amount of the new loan. They were instead sold a new policy to cover the whole new loan total.
This meant a whole new commission and being tied to a new later end date. If you had honest advisors (as I did) you took out successive policies on any additional new amount. In my case as the first policy paid out I kept the mortgage payments the same. This significantly reduced the term of the remaining mortgage.
Whether I was really better off in real terms in having an endowment is too tricky to calculate. Three policies, rampant inflation, even more rampant house prices inflation, over paying, good pay rises ……who knows? In any case those of us who have in the market for many years are likely to be quids in.
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Endowment cash new
Endowment cash new
