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Sun Life of Canada(was Lincoln Financial Group) policy lapsed without knowledge!!
Fuzzy16
Posts: 117 Forumite
Upon doing an overhaul of finances decided to phone Life insurance provider to see if i had waiver premium on policy (OH out of work and also bankrupt til next march) and if it covered being out of work. I was totally stunned to find out that we had no cover for the last month, and was told that they had written to us in 2008 to increase premiums,anyway to cut a long story short our cover lapsed, they are sending out a letter explaining it to me as i was too gobsmacked to take it all in. I am sure i was told that policy lapsed in 2008, yet they have still been collecting £43 a month from my bank. I can have another one set up at around £51 a month including critical illness cover. It was only a life insurance plan (already have cover to run with mortgage) and i have found one for £36 with LV. I presumed that any increase in the premiums would be automatic and still be collected from my bank. I am still looking for a letter confirming that the plan had lapsed and also that no more premiums were going to be collected from my bank,i do n ot recall receiving any such letter recently.
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yet they have still been collecting £43 a month from my bank.
Is that by standing order or direct debit? (important question - dont guess. Check your statement)I presumed that any increase in the premiums would be automatic and still be collected from my bank. I am still looking for a letter confirming that the plan had lapsed and also that no more premiums were going to be collected from my bank,i do n ot recall receiving any such letter recently.
If it was direct debit then it would be automatic. If it is standing order then it requires you to change the standing order.
In these cases, the insurer would normally write out multiple times and give chances to reinstate as well. Typically 3-4 letters. If the insurer has made an error then they should reinstate the policy asking you to pay the missing amount due.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.0 -
bankrupt til next marchthey have still been collecting £43 a month from my bank.
The bankruptcy trustee will need to know if they owe money to him.0
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