Redundancy Cover

tattywelshie

Hi there folks,

I took out redundancy cover back in 2009 to cover me if i got made redundant. Now I dont really need this cover, i got it as i got into a panic about redundancy at the company i was with at the time.

I have been paying out each month for it ever since and just never got around to cancelling it.

Now, I actually took this policy out myself, so it wasn't through the mortgage company or anything. Can i claim back for this as there is no way i really needed it in the end. Or as i knowingly took it out do i not have a leg to stand on?

dunstonh

Can i claim back for this as there is no way i really needed it in the end.

your first sentence says you had a need for it (worry about redundancy). Now you say you didnt have a need for it. So, which is it?

You take out insurance to cover a potential need area. You appear to have done that and were lucky enough not to suffer a claimable event. You dont get your money back if you dont claim as your premiums go into the pot, with everyone elses, and those that have to claim is paid out of that. That is how insurance works.

If you dont die, you dont get your life assurance premiums back. if you dont suffer a claim on your car insurance you dont get that refunded. and so on.

Or as i knowingly took it out do i not have a leg to stand on?

You can absolutely complain if you wish. You address it to yourself as you were the one that chose to buy it.

[Deleted User]

You cannot expect a refund of an insurance premium simply because you haven't had any cause to claim on it!
It would only be refunded if it was somehow mis-sold to you, but you bought it without anyone actively selling it to you..