Life Overpaying

A

Ana14

Registered User
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35
heres a corker and one which Eddie Hobbs would string me up and hang me out to dry for :-( We took out a self build mortgage approx 3 years ago. Full amount applied and approved was €450,000 so life cover arranged for that. About 2 years ago, we sold our old house and knocked lump sum off mortgage so now have mortgage approx 100k. You can see it coming can't you? Yes - DD every month out of our account of €55 for life cover on 441k at the moment. Stupid, stupid, stupid. Though I do lay a teeensy weensy bit of blame at the brokers door for not following up with us on a yearly basis anyway. Question is - would the insurers cough up for the excess paid? Or is in money down the drain? From quotes on line, it should only be costing me about €18 a month.
 
Generally no, as the companies would argue that hey would have to pay out both policies if you died. I had a case recently however, where the client had sent a cover letter to an existing provider asking them to replace the existing policy with a new application. The company continued to take both premiums but the company agreed to pay back the premiums on the first policy as they hadn't acted on the instruction. Its work checking out with the broker or your own records to see if any instruction was given to cancel first policy .

www.powerinsurances.ie
 
Sorry, misread that a bit. No, insurers won't repay anything unless you told them you wanted to drop to smaller cover (you may not even have had this option depending on the type of policy you took out at inception).

www.powerinsurances.ie
 
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