lozgti

Been a bit of a fool.

Changed mortgage provider about 4 years ago.Fresh mortgage and new life insurance with them.

Checking our bank accounts it seems we have paid the old life insurance policy on the old (non existant)mortgage for four years alongside the current one.

I just assumed it would all be sorted by the new provider or at the very least remind us to cancel it.Seems we have paid out about £1500 for no reason

Any help appreciated.Thanks

Scooby Snacks 23

'Fraid you've probably lost this - like car insurance, you don't get it back if you don't claim, and ultimately it would have been your responsibility to stop it.

Sorry

briforbes

Unfortunately this is relatively common. In the excitement to sell you new policies, whoever is giving the advice often neglects to tell you that you need to cancel any existing ones.

I once saw a client who had been paying three buildings and contents insurance policies without noticing....

Gymbal

I think if you contact the insurer with evidence that it was not your possession they might refund the premiums. I thought it is not allowed to insure someonelse's (sp) property.

Oops, (having reread) did you just change the mortgage not the house.....

Can only try to speak to them..... good luck

LG John

The flipside being if you'd died you could have perhaps claimed on both policies? Yes, no? If that is the case I doubt they'll give you the money back as you were still technically a risk for that period.

EddScott

Indeed.

If we are replacing a life policy for whatever reason, we provide a letter for the client to sign to forward to thier existing provider.

Once the new policy is in place, we also advise that the client cancel the DDM in any event. Even if they don't send the letter, with the DDM cancelled the policy will lapse after a few months.

I very much doubt they'll refund you.

lozgti

I accept the old life insurance people won't refund.I was thinking about the bank that arranged the new mortgage and policy.

It's just not something that crossed my mind at the time and the assumption was the new people were arranging everything which I assumed included cancelling the old policy.

Cheers for the advice though.Sounds like I'm not the only one in this boat and it is worth everyone checking obscurely referenced DD's on their bank statements!

EddScott

You've got PM dude.

imlach

I really don't think the onus is on your 'new' provider to cancel any previous insurance policies. Only YOU know about what policies you held (could well be more than one), who they were with, how long they have to run, how much you paid, and what the T&C's were.

Esp since you had 2 x life cover policies for the duration.

To be honest, the liability lies with you. I really don't see how you have any chance whatsoever in claiming against your new provider. You've got no chance, sorry

imlach

I think you summised it quite well yourself

It's just one you'll have to learn from, and move on.........

Terminator X

iTrader: (7)

If you don't ask you don't get! Certainly worth asking the question.

TX.