Halifax TMPP- but mortgage paid

Niccy25

Hi All


First time posting so I'm hoping you will be kind! I'd like advice pls.


Took out a Halifax mortgage in 2004, (changed at some point to Natwest over the next few years).
At the time of taking out the Halifax mortgage we were advised that we needed to take out Halifax TMPP covering Critical illness and Life assurance ( we did need it at the time as had a 4 year old). Both plans I presume ran alongside the mortgage term of 21 years to 2025. I was a lab technician at the time but in 2005 I joined the police until 2017 ( didn't change any details on any plans for either policy).
When we changed mortgage to Natwest I rang Halifax to query the cover but was told as I had 11 years left on mortgage, it didn't make sense to change it as I would be charged more for the same policy terms at that point.


Bottom line - we were lucky enough to pay our mortgage off early as we were making regular overpayments with every bit of spare money we had. I have checked Hubby's bank and we are still paying cover for critical illness and life assurance. Mortgage ended 2017- policy runs to 2025.
Does the policy only run alongside the mortgage term? - which means we are paying for nothing every month and may as well cancel? Should I have told them I had life insurance in place as a result of joining the police ( I didn't contact them). Not sure whether it would have changed anything?


I'm totally confused with regards to what the best thing to do is. I don't think that at the time we were mis-sold anything so I don't think we could claim PPI. Do I just cancel or keep? Both polices run until 2025. I'm not sure if I'm simply confusing myself just because we have paid off the mortgage.

dunstonh

Does the policy only run alongside the mortgage term? -

No. It is standalone. You dont need the mortgage to exist or for the mortgage to match the insurance.

which means we are paying for nothing every month and may as well cancel?

If you suffered a claimable event, it would pay out regardless of your lender or even if there is no mortgage. If you no longer have a financial need for the policy then you may consider ending it.

Should I have told them I had life insurance in place as a result of joining the police ( I didn't contact them).

Probably wouldnt have made a lot of difference as the death in service is lower than what most families need in the even of death. (a really broad guide is around 10-20x annual income plus the amount of any debts. DIS doesnt go that high)

Insurers are not allowed to give advice. So, even if you told them, they could not tell you what to do.

I don't think that at the time we were mis-sold anything so I don't think we could claim PPI.

You havent previously mentioned anything about PPI. Life assurance and CIC is not PPI. So, dont mix those things up.

Do I just cancel or keep?

Do you have a financial need or not?
Is a financial need being met by this policy?