Shortfall on critical illness policy


Hi,

I took out a critical Illness and life policy with Scottish widows when signing for a mortgage with Lloyd’s bank. 2 years later we needed to up the mortgage to finish renovating the bungalow. 2 years down the lone (present date) I have had to made a claim on the insurance as I have a benign brain tumour, when checking the annual review on the Scottish widows policy it only shows the first mortgage amount not with the increase. When I asked the mortgage advisor why it had not been changed she advised that when we increased the mortgage they were not allowed to offer financial advise in the branch at that time, this had now left me with a shortfall in paying the mortgage off and I now have to look at getting another life insurance that (may/may or) pay out if I die.

Do you think the bank at at fault for not advising me to check my life insurance at the time of increase.



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