In-valid life insurance - who's at fault?

Alanb

Just been checking my life insurance and we have a policy for 100K cover. On checking the policy they have the wrong date of birth (1967 instead of 1966). I imagine this would make the insurance invalid as a DOB discrepancy would change the price of cover. I was just going to cancel and find newer/cheaper but have found we took the insurance out with a Financial Advisor. Are we or they responsible for the error, would I be able to claim anything back as I've been paying for insurance which would probably not pay out should I need it. It appears the company no longer exists though the advisor now works for another company. I expect it's our fault for not checking but thought I'd run it by you all first
Thanks

Old_Lifer

They will make a small adjustment  to either the sum assured or the premium.

They will go back to the start of the policy  and using the correct date of birth will recalculate   taking into account the premiums actually paid so far.

Of course,   this may simply be a typing error on the policy schedule and everything may be correct anyway.

dunstonh

Just been checking my life insurance and we have a policy for 100K cover. On checking the policy they have the wrong date of birth (1967 instead of 1966). I imagine this would make the insurance invalid as a DOB discrepancy would change the price of cover

It is highly unlikely it would make the insurance invalid.     It would be recognised as a typing error or misreading a written number and its not a detail that changes an underwriting decision to a rejection (unless you were much older and it went past their normal maximum age).

Are we or they responsible for the error, would I be able to claim anything back as I've been paying for insurance which would probably not pay out should I need it. 

The error may not be either of you but the insurer.  It could be a combination of all three of you.   It is impossible to say. 

. I expect it's our fault for not checking

Certainly, you are asked to check details. So, that part makes you responsible.

However, as you would have been covered and you are not out of pocket, there isn't really much to worry about.

Alanb

Thanks, I'll give them a ring, it's still got around 18 years to run (hopefully!), I was just checking to see if they would cancel the whole lot, as insurance is getting more costly the older I get
Thank you both

Weighty1

I would expect they'll either give you the option to make up the missed premiums over the years and keep the same level of cover or to reduce the level of cover in line with what you've been paying when your correct age is factored in.  I certainly wouldn't expect it to be invalid so I don't think you need to be concerned on that front.