Two Life Insurance Policies

Weeyin

Hello

Not sure if this is the right board. I renewed my mortgage a couple of years ago and the advisor mentioned it was strange that my partner and i both had seperate life insurance policies and that we only required one for a joint mortgage as only one payment would be made. We were advised by a mortgage advisor this was the insurance we needed to take, and paid this insurance for 5 years. Am i entitled to reclaim this?

Thanks

di3004

Weeyin wrote: »

Hello

Not sure if this is the right board. I renewed my mortgage a couple of years ago and the advisor mentioned it was strange that my partner and i both had seperate life insurance policies and that we only required one for a joint mortgage as only one payment would be made. We were advised by a mortgage advisor this was the insurance we needed to take, and paid this insurance for 5 years. Am i entitled to reclaim this?

Thanks

Hi there
Maybe this is one for Dunstonh who I'm sure will be along at some point today, good luck.;)

dunstonh

Am i entitled to reclaim this?

Simple answer is no.

the advisor mentioned it was strange that my partner and i both had seperate life insurance policies and that we only required one for a joint mortgage as only one payment would be made.

Whilst a joint life first death plan would be slightly cheaper there is often so little in it between single life plans that it can be worth doing two plans. Especially when you are younger.

Personally, i prefer to cover the exact need with a joint plan but i have done single plans in the past where the cost difference is negligible. Its more common with unmarried couples as it allows you to take your life assurance with you if you split up.

So, its quite easy to justify from an advice point of view.

Weeyin

Thanks to both of you, just glad i wasn't ripped off then.