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Reclaim Life Insurance costs
Neverhavemoney
Posts: 1 Newbie
Hi all
I m new to the site, but was looking for some guidance. I have just found out we have being paying for a life policy which was on a house which we moved from 4 years ago. I am not sure how this has happened, other than we started a new policy when we bought the new house, and forgot to cancel the existing.
I was wondering I had a case for claiming the money back, as I assume the company would not have paid on the policy as there was no mortgage owing. I appreciate this is my error but in my view I have been handing money over for nothing.
Any thoughts / advise would be welcome
Many thanks
I m new to the site, but was looking for some guidance. I have just found out we have being paying for a life policy which was on a house which we moved from 4 years ago. I am not sure how this has happened, other than we started a new policy when we bought the new house, and forgot to cancel the existing.
I was wondering I had a case for claiming the money back, as I assume the company would not have paid on the policy as there was no mortgage owing. I appreciate this is my error but in my view I have been handing money over for nothing.
Any thoughts / advise would be welcome
Many thanks
0
Comments
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I was wondering I had a case for claiming the money back,
None whatsoever.as I assume the company would not have paid on the policy as there was no mortgage owing.
An incorrect assumption. There is no direct link between the mortgage and the life assurance. Many people maintain cover after the mortgage. They pay out regardless of the mortgage.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 -
Your life insurance is taken out to cover the Mortgage, but if the mortgage ceases, the life insurance would still have paid out if you passed away.
If you took out the new policy with the same insurer as the old one, it could be worth asking the question, but they are under no obligation to do so as they would have paid out. Life insurance is not like home or car insurance.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
wish I could claim back on my car insurance as I haven't claimed in over 8 years"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
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