Mis-sold Life Insurance

gazb1986180

Hello everybody, this is my first post on here so if anybody reading this can direct me to where I may find answers I would be very grateful.
Due to a change in my living situation I have just discovered I have been paying for 2 separate life insurance policies for 5 years and believe one was mid-sold to me.
7 years ago I got my first mortgage with RBS and with the mortgage I also signed up to life insurance through Aviva. When I had my first renewal 2 years later, I was signed up to another policy, again through RBS and Aviva, this time including critical illness cover. My original policy has never been cancelled despite both being arranged in meetings at the bank. I am now wondering if the companies involved should have at least informed me of there been 2 policies, I have had no correspondence from either and the only paperwork I ever received was in 2012 and 2014 respectively.
Do I have any right to claim anything back on either policy?
Any advice or words of wisdom would be massively appreciated!
Thanks ever so much.
Gary

Rainbowgirl84

Did you not notice you had been paying two policies for years?

gazb1986180

I always knew I was paying 2, I must have thought that the life and critical illness policies were separate. I realise now how stupid that sounds and how much money I have thrown away over the years.

[Deleted User]

gazb1986180 wrote: »

My original policy has never been cancelled despite both being arranged in meetings at the bank. I am now wondering if the companies involved should have at least informed me of there been 2 policies

It was your own responsibility to cancel the first insurance policy when you purchased the second. Neither insurer will know that you have additional (duplicate) cover.

You realise you contradict yourself? First you said this:

gazb1986180 wrote: »

I have just discovered I have been paying for 2 separate life insurance policies for 5 years

Now this

gazb1986180 wrote: »

I always knew I was paying 2

You can have as many life insurance policies as you want. Nothing you have said indicates any mis-selling took place.

Both policies will pay out if you suffer a claimable event.

SonOf

My original policy has never been cancelled despite both being arranged in meetings at the bank. I am now wondering if the companies involved should have at least informed me of there been 2 policies, I have had no correspondence from either and the only paperwork I ever received was in 2012 and 2014 respectively.

You would have been told to cancel the first policy once the new one is in force. Plus, the statement of demands and needs/suitabilty report would also have said to cancel the old one once the new one is taken out.

So, unless they failed to document it, you would not expect a successful complaint. You have to cancel it. They cannot. Hence why they document and tell you that you should do it.

gazb1986180

Thanks for the advice, I will see what documentation I have from both meetings and see where I stand.
As for the earlier response, I always knew I had 2 direct debits set up, I thought one was life and one was critical illness, sorry if I didn’t clarify this.
Thanks again.

[Deleted User]

gazb1986180 wrote: »

I will see what documentation I have from both meetings and see where I stand.

You stand simply with a second policy you failed to cancel five years ago. Your own assumption that the insurance was a different type of insurance does not indicate that you were in any way mis-sold.

If you don't want to continue having two policies, you should cancel one of them. You won't receive a refund for the past five years, however, since the Bank's documentation will show that you had to cancel the insurance once the new policy was in place.

gazb1986180

Thanks again for the advice all. At least 1 of the policies will be cancelled and I’ll take caution in future as to what I am actually paying for, Thank you.