Realised I am paying for a decreasing term assurance plan but do not have the mortgage anymore....

aveen81

Hi All


I was wondering if anyone can help, I have just been going through some old paperwork for a mortgage that my husband and I took out in 2004. When signing up to the mortgage at Nationwide we subsequently took out a decreasing term assurance plan. We have since sold this property in 2015 and have been paying ever since...I really dont know why it never occurred to me to stop paying this as I go though our finances with a fine tooth comb every single month.


My real question is do you think I will be able to claim back what we have paid in because essentially we were paying for something that we had no need for and it really wasnt attached to anything???


Thanks


aveen81:)

Carrot007

aveen81 wrote: »

My real question is do you think I will be able to claim back what we have paid in because essentially we were paying for something that we had no need for and it really wasnt attached to anything???

Assuming this is a "on death" policy then no. They are not in any way connected to the property beyond the choice of initial value.


Whn I moved and took a new policy and cancelled the old they told me as such to try to convince me to keep it. Like the fact I could get twice the coverage for half the price these days ammounted to nothing! I probably should have changed it earlier. These are policys people buy and forget about unfortunatly.

dunstonh

My real question is do you think I will be able to claim back what we have paid in because essentially we were paying for something that we had no need for and it really wasnt attached to anything???

There is no reason for them to refund. The fact the mortgage no longer exists is irrelevant. It would have still paid out on death. There is no direct link. A lot of people keep their life assurance running after the mortgage has ended.

tacpot12

Just one thought: if the mortgage was due to end before 2018 but the insurer continued to take the premiums, you might have a case to ask for the return of any premiums they took after then the insurance should have ended. This will only have happened in the case of an administrative error where the Direct Debit was not cancelled when it should have been. I've be very surprised if this sort of error had occurred, but it is worth checking, just in case.

In summary: if the mortgage/insurance was supposed to have ended but they continued to take payments, put this to the company to see if they agree an error has been made.