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Phoenix Life
jasmin26
Posts: 2 Newbie
Has anyone any idea when premiums are payable til on a whole of life policy with Phoenix Life please ? Found a statement from March 2016 in my mums house saying premiums no longer payable however they are still taking the monthly payments.
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Unfortunately no one will be able to tell you on here as it would depend on the specific policy your mother has - Phoenix has taken over dozens of defunct insurance companies over the years.0
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Has anyone any idea when premiums are payable til on a whole of life policy with Phoenix Life please ? Found a statement from March 2016 in my mums house saying premiums no longer payable however they are still taking the monthly payments.
In addition to what Nearlyold said, how are the payments being taken? If it is by Standing Order (rather than direct debit) then they are not being taken - they are being made (by your Mum). You should contact Phoenix directly.0 -
I have just been given POA as mum has mixed dementia so have been sorting out her finances. It would appear that its a standing order and she has never cancelled it. Probably not much chance of getting those premiums back which she has paid over the top but will give them a call. Thank you.0
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I have just been given POA as mum has mixed dementia so have been sorting out her finances. It would appear that its a standing order and she has never cancelled it. Probably not much chance of getting those premiums back which she has paid over the top but will give them a call. Thank you.
I think (hope) you would be able to get them back once you've spoken to Phoenix - the cash won't have been 'lost' and won't have disappeared into some black hole. You aren't going back very far (March 2016) so it's not like this has been going on for years and years
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It would appear that its a standing order and she has never cancelled it.
A standing order is controlled by the account holder. A direct debit is controlled by the originator. This is why firms prefer direct debits.Probably not much chance of getting those premiums back which she has paid over the top but will give them a call.
Actually, there is a very good chance. I dealt with an ex Pearl plan years ago where someone didnt cancel the standing order despite Pearl writing to them a number of times. They refunded the money due without any problem.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 -
We mistakenly continued to pat for an insurance on my FIL's life after cancelling the policy.
The company refunded several years premiums plus interest with no quibble.0
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