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    • Langford80
    • By Langford80 7th Mar 18, 10:17 AM
    • 2Posts
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    Langford80
    reclaim mortgage insurance premium
    • #1
    • 7th Mar 18, 10:17 AM
    reclaim mortgage insurance premium 7th Mar 18 at 10:17 AM
    Hi, due admittedly to my own bad housekeeping of policies I continued paying premiums into a “Mortgage Life Insurance” protection policy after I no longer had a mortgage. I am renting.
    The full premium payment was broken down into elements for critical illness, life cover and mortgage protection but policy expires on expected mortgage expiration date of May 2024 so is based on that.

    My question is can I re-claim for the mortgage element based on fact insurer would never have paid out? Money for nothing?

    I would not expect 100% as appreciate management fee may be charged but having realised I have paid circa £22pcm for 7 years specifically for mortgage cover it isn’t a small sum involved. The full premium to also cover life & illness is £54pcm

    Thanks
Page 1
    • Nearlyold
    • By Nearlyold 7th Mar 18, 10:42 AM
    • 1,057 Posts
    • 885 Thanks
    Nearlyold
    • #2
    • 7th Mar 18, 10:42 AM
    • #2
    • 7th Mar 18, 10:42 AM
    My question is can I re-claim for the mortgage element based on fact insurer would never have paid out? Money for nothing?
    The policy would have still paid out for life and CI irrespective of whether you still had the mortgage and probably the "mortgage protection" as well. What does the "mortgage protection" actually cover? In any event it's not the insurers fault if you failed to inform them of a change of circumstances
    • dunstonh
    • By dunstonh 7th Mar 18, 11:24 AM
    • 92,580 Posts
    • 59,889 Thanks
    dunstonh
    • #3
    • 7th Mar 18, 11:24 AM
    • #3
    • 7th Mar 18, 11:24 AM
    My question is can I re-claim for the mortgage element based on fact insurer would never have paid out? Money for nothing?
    That is an incorrect assumption. It would have paid out. It is not linked to any mortgage.

    So, no. You cannot reclaim the payments.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Langford80
    • By Langford80 7th Mar 18, 9:04 PM
    • 2 Posts
    • 0 Thanks
    Langford80
    • #4
    • 7th Mar 18, 9:04 PM
    • #4
    • 7th Mar 18, 9:04 PM
    ....That is an incorrect assumption. It would have paid out:

    Hi, i am in agreement with you in my context. Maybe I should have used "it could never have paid out'.

    But as Nearlyold also said it was my fault for not advising change of circumstances so I know it was a long shot in asking. I was hoping that if I could prove that that element had been redundant then I could have mitigated it but I guess will have to go down as a lesson learnt to be more organised!

    Thanks
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