Self assurance

stcyrus

Finding myself recently with some time on my hands I went through both my own, my wife's and our joint accounts to see if all the outgoings were correct.
What I had assumed for over a decade was a pension policy payment turned out to be a monthly payment for self assurance in regards to a mortgage. The one that pays your mortgage if you becoming ill unemployment etc. 
We sold that property, paid of that mortgage in 2008 but have still been paying 29 quid a month for 12 years for insurance on a mortgage that no longer exested 😭.
The point of this post is to encourage others to really look at outgoings, we had "look" at this payment a few years back and foolishly concurred with each other it was a pension and just kept paying.
Now I am going to have to go back to Scottish provident and request a refund from when we paid that mortgage off. 
I am hoping they agree that this was an error and refund us, but that's a hope that has little precedent. 
I don't recall ever getting any yearly statements from them, the policy was sold via a broker. 
Wish me luck and go over those out going in detail

-taff

Ask very very politely and in no way suggest they did anything wrong and you might be lucky

dunstonh

Now I am going to have to go back to Scottish provident and request a refund from when we paid that mortgage off. 

From memory (as the Scot Prov plans are no longer available), they were multi-segment plans that offered life assurance, critical illness cover and Permanent Health insurance (income protection).   There may have been an MPPI bolt on too.    Only the MPPi bolt on would be linked to the mortgage (and not always then as some didnt require the mortgage to be in force to qualify).   You could have any combination of these segments.  Or just one segment.

I don't recall ever getting any yearly statements from them, the policy was sold via a broker. 

As nothing ever changes on these, there is no requirement for them to give a statement. The details are hard coded at the outset.  i.e. £xxx,xxx sum assured of life assurance for y number of years costing £z

I am hoping they agree that this was an error and refund us, but that's a hope that has little precedent. 

You would not expect any refund to be offered against life assurance, CIC or PHI as cover has been provided and not dependent on a mortgage.   Only possible bit is the MPPI segment, if you had it.

What did the policy actually cover you for?

stcyrus

I've wrote to them requesting the details of the policy. It will be a fairly standard policy.