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Paid double life insurance for 5 years

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  • 19-01-2014 12:11am
    #1
    Sophie13
    Registered Users Posts: 7 ✭


    Hi,

    Just realised that I have paid double life insurance with the same company

    We switched mortgage providers 5 years ago and just realised we were paying both direct debits.

    It was only shown as 1 direct debit(I.e name of company) when viewing it but coming out of same account on 2 different dates.

    Where do we stand on this?

    Should we be able to get refunded?

    Anybody in the industry be able to give me any advice?

    Much appreciated! Thanks


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    #2
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    You can have more than one life insurance policy unlike for example house insurance, all life insurance policies will pay out in the event of a valid claim. The onus was on you to cancel the first policy, the bank can't cancel it for you.

    Only chance of getting a refund in my opinion is if there was an instruction on the second policy application form that the first policy was to be cancelled on issue of the new second one. Otherwise I don't think you have a hope. Ask for copy of application in case it was noted on it.

    They are unlikely to give a refund otherwise as you had the cover in place and it would have paid out unlike if you had two house insurance policies, only one amount would be paid out in the case of a claim.


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    #3
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    phormium wrote: »
    You can have more than one life insurance policy unlike for example house insurance, all life insurance policies will pay out in the event of a valid claim.

    +1 If the mortgage had been paid off early but you kept paying the mortgage protection policy, the policy would still have paid out in the event of the death of the policyholder and if there was two policies, the full benefit from both would have been due. At the end of the day it's just a specific type of life policy.

    Viewed purely from the perspective of mortgage protection, you were over-insured but I can't see any scope for a refund.


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    #4
    Sophie13
    Registered Users Posts: 7 ✭Sophie13


    Just to update that the bank reimbursed me for the life assurance that I was paying for twice.

    They stated that it was a product replacement and should have stopped when I changed mortgages.

    Thanks


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