Life Assurance questions

[mgfboy]

Re: Life Assurance questions

Some companies don't require a wet signiture at all for the actual application but they all need a signiture of the medical disclosure.

They also dont need a signiture for the DDI either, but if they dont take the signiture they will normally send a full disclosure of what you told them etc in the post so you cant say at a later date you didn't know what you signed for, so I'm surprised by SW saying that they dont send anything out.

What is SW position now on the non disclosure? Also just for clarity on the non disclosure point is your friend saying she wasn't asked or that she didn't tell???

This is all starting to sound a little weird, but as I think I said earlier bankassurers are a law unto themselves and seem to be able to do things that I could never get though compliance!!!!

[di30]

Re: Life Assurance questions

Di

I've been away on holiday, your right though most life cover includes terminal illness cover know as standard. On a quick read of what you have posted I would say they have a level term policy that pays out on death.

What are you confused by ( I may have missed something??)

Hi

Hope you had a good holiday.

You know what I'm like when it comes to these type of policies, clueless lol, trying to explain to my mate's not been easy lol.

She said she made contact with SW/Lloyds to ask about a copy of the application form, she received a letter to say that the proposal form was that of the application (if you can recall I posted a copy of this above somewhere last week).

But I also thought that an application form would require a signature? and a proposal form is just that of a questionnaire?

Just baffled really lol.

[mgfboy]

Re: Life Assurance questions

Di

I've been away on holiday, your right though most life cover includes terminal illness cover know as standard. On a quick read of what you have posted I would say they have a level term policy that pays out on death.

What are you confused by ( I may have missed something??)

[di30]

Re: Life Assurance questions

Spoken to "D" last night and she said they had a letter to confirm there was no Application form, and there was no requirement at that time for applicants to sign the proposal form, and not company procedure to provide applicants with a copy of the completed proposal form.

So.......if this is the case, as this was done (As copy posted in one of the above posts) is the customer's supposed to know what was correct and not correct?

[di30]

Re: Life Assurance questions

When myself and hubby taken out policies, they mainly include a few of them in one, critical illness, where terminal illness is automatically included.

But I'm sure in regards of "D" policy, I cannot see any information on even terminal illness, they declined critical, and it with it being "Level term" cover is that still classed an whole of life cover?

From what I know of Terminal illness you cannot purchase as a stand alone, so I am baffled on what they are paying for?

[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.

[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

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.

[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

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.

[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.

[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!!!!

[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.)

[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.

[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.