Insurance broker - their fault or mine (or both)

knowbetterdobetter

Background
I was self employed and took out a life insurance policy via a broker in 2016. 

In 2020, I became employed and therefore now receive life insurance there and pay extra for higher critical illness. 

For some (stupid) reason, I didn’t think to cancel my private insurance. 

I know you can have both, but I really don’t need it with so little left on my mortgage, my work would more than cover that and some more to keep my husband and daughter going. 

Question

So I’m doing a review of my spending and actually pay attention to this bill which is now over £100 (started as £60) and look into it properly. I know, I’m an idiot. 

The broker agreed to do a review after 4 years to determine if it was still suitable, however they went bust before then. 

Do I just cancel the DD now and accept my losses, or do I have any recourse, given they have stated on their terms they will contact me? 

Sincerely - clever sometimes, but definitely not smart 🫣

MyRealNameToo

Most people are massively underinsured unless you believe your widow(er) will jump into bed with someone else fairly quickly on your passing who'll make up for the loss of your income to the household. Many costs dont simply halve because one person isnt around anymore. Obviously some are less worried about the fact that their widow(er) will have to have a major reduction in lifestyle were they to die tomorrow. 

An insolvent firm cannot contact you, most would see the "check in" really as a sales opportunity anyway. 

Cancel it if you want to and genuinely believe your X times salary will see the family through in your absence (or you fit into one of the other options) but trying to sue an insolvent company is a fools errand 

flaneurs_lobster

Discretionary insurance is there to give you (and your dependents) peace of mind. 

If this £100+ a month isn't doing this then cancel it.

As @MyRealNameToo says, attempting to obtain redress from a non-existent company is a waste of your time.

dunstonh

Do I just cancel the DD now and accept my losses, or do I have any recourse, given they have stated on their terms they will contact me? 

Unless you paid for that review in 4 years you are not out of pocket.  And you're free to do a review with anyone.
Plus, a company that no longer exists cannot pay you redress.  (not that there is anything to pay as you almost certainly would not have paid for a review in 4 years)

A broker is usually a non-advised purchase.