Life Assurance questions

[mgfboy]

Re: Life Assurance questions

Hi Di

I normally suggest that clients have two separate policies because the permiums normally arn't much more than a joint policy but give twice the cover and also making dealing with things like separation , divorce etc much easier to sort. But you are correct there is no reason why they shouldn't have a joint policy ( unless they wanted it assigned in her name)

You friend should ring them up and tell from the paperwork they have provided there is some incorrect info that needs sorting, this makes them aware and to a certain extent puts the ball in their court.

[di30]

Re: Life Assurance questions

Hi Di

I normally suggest that clients have two separate policies because the permiums normally arn't much more than a joint policy but give twice the cover and also making dealing with things like separation , divorce etc much easier to sort. But you are correct there is no reason why they shouldn't have a joint policy ( unless they wanted it assigned in her name)

You friend should ring them up and tell from the paperwork they have provided there is some incorrect info that needs sorting, this makes them aware and to a certain extent puts the ball in their court.

Thanks for that mgfboy.

I think she will be calling directly into the bank today to get it sorted with a bit of luck, cheers.

[di30]

Re: Life Assurance questions

Oh just double checking, she is to ask them for a copy of the application form(s), I said there should have been one as the proposal form looks like it was separate, as there is nowhere to sign on that proposal questionnaire.
If they sent the above as listed earlier, shouldn't they have held the application forms as well, with them still being active accounts?

Thanks again.

[mgfboy]

Re: Life Assurance questions

Oh just double checking, she is to ask them for a copy of the application form(s), I said there should have been one as the proposal form looks like it was separate, as there is nowhere to sign on that proposal questionnaire.
If they sent the above as listed earlier, shouldn't they have held the application forms as well, with them still being active accounts?

Thanks again.

You could be right, but sometime there is a separate form that you sign, especially if the app has been processed on line. I don't think I could do Scot wids on line in 2001 but the bank always has had a different system with different(higher) rates.

[di30]

Re: Life Assurance questions

You could be right, but sometime there is a separate form that you sign, especially if the app has been processed on line. I don't think I could do Scot wids on line in 2001 but the bank always has had a different system with different(higher) rates.

Right ok, I know she said it was sold directly in the branch, and she did mention that both herself and hubby completed separate forms for each single policy, so hopefully they will still hold the copies.

Cheers.

[di30]

Re: Life Assurance questions

I don't know the full story yet, but just briefly, as it was only a short text.

Think they may be having problems with them updating, so they mentioned about cancelling and getting one elsewhere.

Goodness knows

Surely this should not be a problem, because as far as I know you have to have reviews and update when you have to anyway, maybe I will know more a bit later.

[di30]

Re: Life Assurance questions

In regards of the above post, I did not get all details from "D" yesterday, because my in-laws turned up lol.

But she briefly said, looks like her and her hubby will be looking elsewhere, she not happy with them (bank) not being that helpful really.
I told her to contact SW direct, but apparantely it's still dealt with by Lloyds anyway.

[mgfboy]

Re: Life Assurance questions

In regards of the above post, I did not get all details from "D" yesterday, because my in-laws turned up lol.

But she briefly said, looks like her and her hubby will be looking elsewhere, she not happy with them (bank) not being that helpful really.
I told her to contact SW direct, but apparantely it's still dealt with by Lloyds anyway.

It's always good to check the rates out though a good broker, but if they have health problems it may be worth arguing the toss with Lloyds/SW ( remember Lloyds owns Scot WIds.)

[mgfboy]

Re: Life Assurance questions

I don't know the full story yet, but just briefly, as it was only a short text.

Think they may be having problems with them updating, so they mentioned about cancelling and getting one elsewhere.

Goodness knows

Surely this should not be a problem, because as far as I know you have to have reviews and update when you have to anyway, maybe I will know more a bit later.

they may wish to cancel back to inseption, if they think there has been non disclosure. As for review they should happen but nothing is set in stone and often clients don't want to or cant be bothered when you ask!!!!

[di30]

Re: Life Assurance questions

I will have to ask her again about the application forms as well.

Not sure if they gave them copies or not, will double check on this.

Cheers.

[di30]

Re: Life Assurance questions

Spoken to her again quickly on the phone, she said all the paperwork they hold is all they have already passed on to them..........but there are no application forms?

Shouldn't the bank have these, if the accounts are still active?

They want to go elsewhere but writing to the data dept now first and will go from there.

[mgfboy]

Re: Life Assurance questions

Spoken to her again quickly on the phone, she said all the paperwork they hold is all they have already passed on to them..........but there are no application forms?

Shouldn't the bank have these, if the accounts are still active?

They want to go elsewhere but writing to the data dept now first and will go from there.

They normally should have a copy but if the app was directly keyed in they wouldn't have anything else.

Tell you friend though not to jump ship before they find out if they can get cover else where. IF they can then they canr decide how they play it.

[di30]

Re: Life Assurance questions

They normally should have a copy but if the app was directly keyed in they wouldn't have anything else.

Tell you friend though not to jump ship before they find out if they can get cover else where. IF they can then they canr decide how they play it.

Thank you.

Yes I told her to hold their horses for now, think that's wise at the moment, cheers.

[di30]

Re: Life Assurance questions

I've been nosing further at "D"'s Summary & Recommendations (S&R), and do not understand it, without the application form I am unable to see what the Level Term Assurance (LTA) supposed to cover, for example Critital or Terminal Illness, I don't think they mean the same thing.
Even though the policy is a cover to pay out for the children also signed under trust, shouldn't one or the above titles come into it?

As they do not pay out just on death without Critical or Terminal illness as such.

I am not the person to help them really in this matter, as these policies always confuse me too.


.................................................. ................................
On that actual S&R paperwork it has both names of both partners, and says in the protection side of it -

"Currently Mr ********* you have inadequate financial arrangements in this area, so we discussed your situation and you would like to protect your family in the event of your death.

The it says the same for Mrs **********.

The amount of the policy sum, the years etc.
And that it would provide a lump sum in event of death or diagnosies of a specified illness.

Further down the page it states "Mr *********, you are able to commit to £**.** per month to satisfiy this need. My recommendation is therefore a level term assurance life policy for 35 years and a sum assured of £**,***

The same for Mrs of the same amount just over a lesser term and she is slightly a little older than her other half.

Then.......
You chose these policies as it was more suited to your personal affordability.

We discussed Critical illness but due to affordability you declined.
We discussed a Waiver of premium but you were not eligible due to the policy term and your age at policy expiry.

Both parties are to be written in trust to expediate the payment process to your family.

Nothing on the form at all states terminal illnesses, so with it being protection to provide for the children on the event of death under what category would they come under?

No Critical as it was declined and no details of terminal.

Thank you.

[di30]

Re: Life Assurance questions

Right, in regards of the above, I have come to the conclusion that terminal illness is automatic of life cover, even though this is not mentioned amongst the paperwork I've seen up to now.