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Insurance not Cancelled in error
marathonic
Posts: 1,789 Forumite
My dad has a life and critical illness policy and a separate life insurance policy, all took through the bank (I know, not cost effective).
In 2009, he requested a cancellation of his two policies to be replaced by two new policies due to a house move and children who were no longer dependent (except for one).
The thing is, they only cancelled one and, for some reason, he hadn't realized that the £75 monthly premium was coming out in error (probably thought it was for the policies that should have remained in force).
He complained last month and got a letter stating that "due to a processing error, policy # xyz was not cancelled".
They state that they are investigating whether a refund is due. This is the part I don't understand - surely if a processing error at the bank is the cause, then there should be no reason for investigation???
In 2009, he requested a cancellation of his two policies to be replaced by two new policies due to a house move and children who were no longer dependent (except for one).
The thing is, they only cancelled one and, for some reason, he hadn't realized that the £75 monthly premium was coming out in error (probably thought it was for the policies that should have remained in force).
He complained last month and got a letter stating that "due to a processing error, policy # xyz was not cancelled".
They state that they are investigating whether a refund is due. This is the part I don't understand - surely if a processing error at the bank is the cause, then there should be no reason for investigation???
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Comments
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They state that they are investigating whether a refund is due. This is the part I don't understand - surely if a processing error at the bank is the cause, then there should be no reason for investigation???
They are probably finding out who caused the error. The insurer or the bank (or your dad - although that is unlikely).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
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