Life Assurance Refund

My mother passed away recently and we're in the process of sorting out the financial side. We've discovered she took out a number of life assurance policies, all of which have now lapsed. The company concerned have confirmed that as the policies have lapsed, that no claims will be entertained.

I've heard it said that in these circumstances although a claim is not permissable, that it is possible to recover payments made toward the policies. Is this true, and if so, how do we go about arranging this?

Comments

  • csgohan4
    csgohan4 Posts: 10,587
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    depends on the t+c's, but generally the premiums are not refundable


    btw where did you hear from?
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Weighty1
    Weighty1 Posts: 1,170
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    Firstly, sorry for your loss.

    Typically if a premium is not paid and the cover lapses then the insurance simply ends. No refund as they've provided cover over the period whilst the premiums were paid.
  • dunstonh
    dunstonh Posts: 116,031
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    I've heard it said that in these circumstances although a claim is not permissable, that it is possible to recover payments made toward the policies. Is this true,

    Im afraid that is not the case. Life assurance is similar to house or car insurance. If a claimable event does not occur whilst the policy is in force then you do not get your money back.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • BooJewels
    BooJewels Posts: 2,797
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    I wonder if the OP (or whoever has advised them) is confusing it with the old savings plans with life cover, or an endowment?

    My condolences.
  • My wife and I have been paying into what we thought was a straight, joint Life Insurance for 20 years and it has a further 5 to run. We have now discovered that it is a Mortgage Life Insurance and we did not have a mortgage. I think we were mis-sold this policy and may have been paying over the odds. we have been paying a fixed premium throughout.
  • csgohan4
    csgohan4 Posts: 10,587
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    Albie58 wrote: »
    My wife and I have been paying into what we thought was a straight, joint Life Insurance for 20 years and it has a further 5 to run. We have now discovered that it is a Mortgage Life Insurance and we did not have a mortgage. I think we were mis-sold this policy and may have been paying over the odds. we have been paying a fixed premium throughout.

    please create your own thread so it doesn't clash with the OP's
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
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