Life Cover

[mango6]

I have a life policy which has about 6 years left to run,

it covers me for life and critical illness,

but since taking out this cover I no longer have the mortgage it was protecting, so I don't really need it now.

 

I have been paying a premium for the past 6 years when I needn't of.

 

I should of cancelled it when the mortgage was paid up, is it too late to cancel it now,

would there be any point in me writing to the insurer to say I no longer need the policy and ask for my premiums back???

 

when i moved house in 2006 (no mortgage needed)

i must of phoned the insurer to give my new address without realising that i should of just cancelled the policy.

 

Have i now wasted 6 years for paying for something i didnt need?

[mango6]

Just noticed that I am down as a non smoker, whereas I am a smoker!! I definatley told the advisor I was a smoker, could this prevent them paying out??

[dx100uk]

if you were told you MUST have it by the mortgage advisor get reclaiming!!

 

life ins is NOT compulsory on a mortgage

 

the advisor would have gotten a big commission for selling that.

 

dx

[mango6]

cheers dx is there a template I can use, also with me phoning them in 2006 with new address would that go against me? Even though if they knew I was giving them a change of address should they not of asked me if the policy was still wanted? thanks

[dx100uk]

phone conv are inadmissable .

 

dx

[dx100uk]

i have found this elsewhere:

 

"I had applied for a mortgage but was declined but the bank still set up the insurance (1993).

They had an endowment mortgage with their other lender so it duplicated cover.

The bank refunded premiums plus interest.

 

and:

i was a single person with no dependents. Refunded premiums plus interest.

 

Single premiums would also be a case you could complain about (not on whole of life assurance but on level term/decreasing term).

 

However, having life assurance and getting to the end of the term and not claiming is not something you can complain about. "

 

.............

 

i'm not exactly sure where you stand with the fact that the life ins 'should' have been cancelled when the mortgage was met

 

and 'you' no longer needed it.

 

if you had cover elsewhere when you took the policy out then yes classic mis-sale.

 

was the ins only valid for the mortgage to protect it, or are there on going benefits that 'would' continue to be useful to you.

 

and would it payout anything now if it were needed?

 

T&C reading might be the answer to some things here.

 

dx

[mango6]

i have also found some old paperwork regarding this mortgage,

its an annual statement from Apr 2006,

stating the balance and interest then it says

 

insurance: payments cover £299.88 then lists the payment paid each month with a * at the side then further down states * = Includes monthly insurance payment

 

could that be the insurance for the building or mortgage protection?

 

also the mortgage was part repayment and part interest only and it looks like £25k on the mortgage was an endowment which I never realised!