Mortgage payed off but they carried on taking MPPI

mcawley

Hi all

looking for some advice. Took a mortgage with Standard life Bank in 2002. I also had a MPPI policy with them and payed a monthly premium for this in addition to my mortgage payment. The mortgage was cleared in 2005, but my MPPI payments continued until 2011 when I realised what it was for and cancelled the policy.
Do I have any grounds for the return of the premiums paid from when the mortgage was cleared. Should Standard Life have also ceased this policy when the mortgage was cleared ? The insurance itself when I traced what the payment was for was with Cadiff pinacle, but I took it through Standard Life, and paid them the premiums.

Any advice appreciated.

Thanks Martin

dunstonh

Do I have any grounds for the return of the premiums paid from when the mortgage was cleared.

Some types of MPPI dont actually require the mortgage but become a form of income protection. So, you can keep paying them for as long as you like. However, it it was a standard life plan and a standard life mortgage and it didnt continue to offer cover without a mortgage I would expect Std life to refund assuming you did not take out a mortgage with anyone else.

. Should Standard Life have also ceased this policy when the mortgage was cleared ?

No. The two things are not directly linked with most providers.

roonaldo

It carried on as it was a stand alone policy. If you had no mortgage after it then tell them and provide proof and they may refund as a gesture of goodwill. If you did have a mortgage then it was providing you with cover still.