Life cover with Endowment

Me.Dee

Hi there

When I first brought my house in 1999 I took the endowment mortgage with the appropriate life cover. In 2006 I cash in the endowment and switched to a normal repayment mortgage. I didnt cancel the life cover though, and to this day I am still paying it.

I took out addtional life cover with the new mortgage so the 1st is not really required. It just became a direct debit going out every month that I had not had chance to cancel, but thinking about it should the endowment company have cancelled this when the endowment was cashed in?
Do I have a reason to request back the years of pointless payments?

Thanks for your help

maninthestreet

If the endowment policy included life assurance cover, the cover would have ended when you surrendered the policy. Or are you saying you had a seperate life assurance policy in addition to the endowment policy, taken out at the same time? If so, it sounds like you were over-insured.

Me.Dee

I am not really sure. The assurance was required to have the endowment, it has its own policy booklet, sounding a little dumb now hey but it was a long time ago!

If I was over insured then do I stand a chance of getting any money back?

Thanks

maninthestreet

So why did you buy additional life cover following the switch to a repayment mortage when you already had the required life cover in place???

Me.Dee

Guess I forget about this one assuming it would be cancelled along with the endowment.

maninthestreet

Unless you can provide us with more detailed information on the endowment policy, it's difficult to assist - do you still have any of the paperwork related to the endowment? Who was the provider?

dunstonh

I took out addtional life cover with the new mortgage so the 1st is not really required. It just became a direct debit going out every month that I had not had chance to cancel, but thinking about it should the endowment company have cancelled this when the endowment was cashed in?

If its a standalone plan (which it has to be based on they way you describe it), then the life company has no say on whether you cancel it or not. Its up to you and if you dont tell them they wont cancel it.

Do I have a reason to request back the years of pointless payments?

No. Your failure to cancel it is your doing. So, no grounds there. However, why did you have a pure life policy and and endowment?

Me.Dee

I will get all these details soon, I have pulled them all out, just need to sort through them. Thanks so far for all your advice! Its is appriciated!