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Overpaid Legal and General for 13 years!
s_p_kirk
Posts: 1 Newbie
Hello all,
I'm looking for some advice, please. After recently moving house, I found out that I'd been paying life insurance (or "protection policy" as referred to by L&G) for a mortgage that ended 13 years ago!
Do you think that I'll be able to claim this money back from Legal and General, as I was paying for life insurance on a mortgage that didn't exist?
I've ended the policy, and wondering if I can reclaim anything?
Thanks.
I'm looking for some advice, please. After recently moving house, I found out that I'd been paying life insurance (or "protection policy" as referred to by L&G) for a mortgage that ended 13 years ago!
Do you think that I'll be able to claim this money back from Legal and General, as I was paying for life insurance on a mortgage that didn't exist?
I've ended the policy, and wondering if I can reclaim anything?
Thanks.
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Comments
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Life insurance isn't attached to a property, but to the person. If you had died between 13 years ago and now, your estate / named person would have received a lump-sum.
Nothing to reclaim, but it serves as a reminder to check statements each month.
Mortgage started 2020, aiming to clear 31/12/2029.1 -
Op. Now would be a good time to check your accounts to see if there is any other payments being deducted for any thing else that you may have forgotten about?
You have been paying this life insurance for 13 yrs without noticing? So would it be beneficial to you depending on your personal circumstances to keep the Life Insurance cover going?
The world is not ruined by the wickedness of the wicked, but by the weakness of the good. Napoleon0 -
Do you think that I'll be able to claim this money back from Legal and General, as I was paying for life insurance on a mortgage that didn't exist?
No. The life assurance is standalone from the mortgage and would have paid out whether there is a mortgage or not.
A lot of people retain their life assurance beyond their mortgage, if repaid early. However, if you didnt want it, it was your responsibility to end it.
You may wish to improve your financial management going forward as it appears to be lacking somewhat.
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.2 -
Dunstonh
Excellent last paragraph.
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