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Life Insurance Double Bubble
neildallaway
Posts: 8 Forumite
Hi All,
I have recently moved house to a bigger house, thus a more expensive life insurance was required. I had my mortgage dealer do this on my behalf. My previous cost was circa £40. My new one is approx. £80.
The insurance was taken out with the same company, as this is the best offer on the market (I am told...). I noticed in month 1 that they had taken out both payments, so, I spoke to my mortgage adviser and he explained that it may be the final payment from my previous agreement and recommended I stop my Direct Debit just in case.
However, it wasn't the final payment, and they continued to take both payments until I noticed this again 6 months later (unfortunately, I didn't cancel the DD as it slipped my mind in the madness of moving house; very unlike me
)
I took this up with them, but they said that because I didn't cancel the previous contract, then I am liable for both, but have given me a one off back payment of £40.
I spoke to my mortgage adviser on this, and he stated that there was no option on their website for this agreement to replace a previous agreement (something which the company has acknowledged as an issue) but they are still not willing on returning my 6 x £40.
Do I have a foot to stand on here? Any help would be greatly appreciated.
Thanks,
Neil
I have recently moved house to a bigger house, thus a more expensive life insurance was required. I had my mortgage dealer do this on my behalf. My previous cost was circa £40. My new one is approx. £80.
The insurance was taken out with the same company, as this is the best offer on the market (I am told...). I noticed in month 1 that they had taken out both payments, so, I spoke to my mortgage adviser and he explained that it may be the final payment from my previous agreement and recommended I stop my Direct Debit just in case.
However, it wasn't the final payment, and they continued to take both payments until I noticed this again 6 months later (unfortunately, I didn't cancel the DD as it slipped my mind in the madness of moving house; very unlike me
)I took this up with them, but they said that because I didn't cancel the previous contract, then I am liable for both, but have given me a one off back payment of £40.
I spoke to my mortgage adviser on this, and he stated that there was no option on their website for this agreement to replace a previous agreement (something which the company has acknowledged as an issue) but they are still not willing on returning my 6 x £40.
Do I have a foot to stand on here? Any help would be greatly appreciated.
Thanks,
Neil
0
Comments
-
It is down to the policy holder to cancel any insurance when it is no longer required. Taking out a new insurance with the same company does not render the original policy invalid & as cancelled.
It would be exactly the same with contents insurance. If you move & fail to cancel the old policy & take out one covering your contents in the new house with the same provider, until you write to cancel the old policy, it will still be active.
They have made a small payment as compensation for your error in failing to cancel, so consider yourself fortunate.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
To be honest, £80 a month is quite a lot but what cover are you getting for that. If you had your mortgage broker find this for you and it was an estate agent broker then it won't be the cheapest on the market.
What do you get for your £800
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