Term Assurance etc......

[mgfboy]

Re: Term Assurance etc......

I have been trying to search the key features to the 2001 policy, the one I have here is that of hubby's and about the decreasing cover, the one I want to check out if the key features, exclusions for critical illness (level term).

I know due to family history lots of illnesses were listed on my forms, can remember that well lol, so any idea if Scottish widows will send me a copy of this, even if I did cancel this in 2009?
I tried googling for the year, but no luck up to now, unless nothing's changed.

Cheers.

HI Di

If you disclosed all the family conditions on the app, unless the underwriter rated or put exclusions on the policy when it was issued. The normal policy conditions would apply, what are you trying to prove or find out???

Also the critical illess condition would probably be the same between the level and decreasing term, it is with most insurers. But bank assurance is a law unto it's self!!!!

As for the file ,I would have thought they should still have a copy of the KFI on it.

[di30]

Re: Term Assurance etc......

I have been trying to search the key features to the 2001 policy, the one I have here is that of hubby's and about the decreasing cover, the one I want to check out if the key features, exclusions for critical illness (level term).

I know due to family history lots of illnesses were listed on my forms, can remember that well lol, so any idea if Scottish widows will send me a copy of this, even if I did cancel this in 2009?
I tried googling for the year, but no luck up to now, unless nothing's changed.

Cheers.

[di30]

Re: Term Assurance etc......

Yep always write in the first case to the broker that sold it.

Thank you.

[mgfboy]

Re: Term Assurance etc......

Forgot to say, as it was Lloyds (adviser) that set this up, I assumed I would have to write to them, as you would if making a reclaim on PPI, not sure if it differs in regards of making reclaims of these types of policies, so shall just have to wait for a response.

It was posted by signed for delivery yesterday, checked Track and Trace, and it's currently still going through the system, maybe too earlier for them to add the details of proof on there right now, so will check again later.

Yep always write in the first case to the broker that sold it.

[di30]

Re: Term Assurance etc......

Forgot to say, as it was Lloyds (adviser) that set this up, I assumed I would have to write to them, as you would if making a reclaim on PPI, not sure if it differs in regards of making reclaims of these types of policies, so shall just have to wait for a response.

It was posted by signed for delivery yesterday, checked Track and Trace, and it's currently still going through the system, maybe too earlier for them to add the details of proof on there right now, so will check again later.

[di30]

Re: Term Assurance etc......

Cool, I think you should have a good chance of getting at least a part refund.

Thank you mgfboy, I will be happy with that, so fingers crossed.

I shall keep you posted, thank you for your help.

[mgfboy]

Re: Term Assurance etc......

Letter in envelope, going by signed for delivery tomorrow, first class, they should receive it by Tuesday.

Enclosed copies of the appropriate paperwrork of the remortgage not gone ahead and it was 3 months on with less amount borrowed.

Cool, I think you should have a good chance of getting at least a part refund.

[di30]

Re: Term Assurance etc......

Letter in envelope, going by signed for delivery tomorrow, first class, they should receive it by Tuesday.

Enclosed copies of the appropriate paperwrork of the remortgage not gone ahead and it was 3 months on with less amount borrowed.

[di30]

Re: Term Assurance etc......

Done, give it a go, considering we already had and have adequate life/critical cover in place as well.

Watch this space lol, cheers for your advice.

[di30]

Re: Term Assurance etc......

Di

Normally the cover should start from the date the mortgage exchanges or when the funds are drawn down, but to be fair I've had it loads of time if it's the case of a few weeks clients often want it putting on risk when its accepted.

On the 11k difference , see if you have the original reason why letter that the banks adviser would have given you when you agreed to take the policy out. If it make no note of the change in mortgage amount or you weren't sent an update, then you may have grounds for at least getting a refund on the premium on the extra 11k or maybe use that as grounds for cancelling back to the on risk date.

Hiya

Cheers for that.

There was no update letter, and before the 30 days were up, they taken the direct debit payment as well in regards of the first amount, before we had the chance to cancel, and stupid that we did not question this really.
The letter we did receive was actually on the date they debited the amount, was to check the details and to send a copy of the form back to them signed in order for the policy to continue, we did not get there, but the payment was taken despite them receiving this.

Strange I know.

[mgfboy]

Re: Term Assurance etc......

Yikes, where to start lol!

I have cover in place as well with Axa/sun life, and it was joint, not bad payments either, and did at the time when the remortgage was taken out with the bank in 2007.

However, going back to the bank again (lloyds) mine as stated in above posts continued, whilst hubby's went onto a new cover.
We were going to borrow more, and the quote was done on that, and he was told for this mortgage, its the cover he should have, as he was the main account holder.

Anyway, that actual remortage was meant to go ahead in May 2007, but things changed and the amount was dropped, but we only now stupidily realise that the payments hubby was paying for with a decreasing term assurance, critical/life was for the amount of the first quoted remortage and the payments started coming out almost immediately for the assurance, yet the remortgage when sorted out did not go ahead then until beginning of September on a lower amount!

Where do you think hubby squares off with this one? At £11K difference?

Cheers.

Di

Normally the cover should start from the date the mortgage exchanges or when the funds are drawn down, but to be fair I've had it loads of time if it's the case of a few weeks clients often want it putting on risk when its accepted.

On the 11k difference , see if you have the original reason why letter that the banks adviser would have given you when you agreed to take the policy out. If it make no note of the change in mortgage amount or you weren't sent an update, then you may have grounds for at least getting a refund on the premium on the extra 11k or maybe use that as grounds for cancelling back to the on risk date.

[di30]

Re: Term Assurance etc......

Yikes, where to start lol!

I have cover in place as well with Axa/sun life, and it was joint, not bad payments either, and did at the time when the remortgage was taken out with the bank in 2007.

However, going back to the bank again (lloyds) mine as stated in above posts continued, whilst hubby's went onto a new cover.
We were going to borrow more, and the quote was done on that, and he was told for this mortgage, its the cover he should have, as he was the main account holder.

Anyway, that actual remortage was meant to go ahead in May 2007, but things changed and the amount was dropped, but we only now stupidily realise that the payments hubby was paying for with a decreasing term assurance, critical/life was for the amount of the first quoted remortage and the payments started coming out almost immediately for the assurance, yet the remortgage when sorted out did not go ahead then until beginning of September on a lower amount!

Where do you think hubby squares off with this one? At £11K difference?

Cheers.

[di30]

Re: Term Assurance etc......

Well bang them of a letter, saying it was set up on a incorrect basis and that you wish for a full refund. If it was done though the bank they have no excuses to not know you DOB

Bank assurance shall we say is always the expensive option and very few of their advisors stay in the banks if they are any good!!!!!

LOL cheers so muchly.

Yes I think I will try my luck.

I blame myself too in a way, especially for not checking the paperwork properly then, but your right though, they should have had my details correct, so goodness knows what other mistakes they have made.

[mgfboy]

Re: Term Assurance etc......

Well bang them of a letter, saying it was set up on a incorrect basis and that you wish for a full refund. If it was done though the bank they have no excuses to not know you DOB

Bank assurance shall we say is always the expensive option and very few of their advisors stay in the banks if they are any good!!!!!

[di30]

Re: Term Assurance etc......

Hi Di

If they made you 5 years older than you are , you have been paying too much ( life assurance is age rated). As a minimum they should refund you the difference but I should imagine they will cancel back to inception if that what you want.

As for not paying out , normally in a case like this most companies would pay out , after all your paying more than you should!!!!

Thank you for that, that's what did come to mind.

Will look further into the paperwork, however, I am no longer with these, as I opened another, and cheaper one elsewhere, but were paying into it as from December 2000 not 2001 to about October 2009.