First Direct £100 Life Insurance Incentive

shaymenRup

Hi ,

Just found the below deal on Life Insurance for FD 1st Account customers. Apply for life Insurance before 7/9/08 and receive £100. Conditions are that the policy must be in place for at least 8 weeks. (30 day cancellation period) Cancellation after this period means loss of premiums paid.

Quotes are competative, but otherwise could be a free £80.

http://www.firstdirect.com/insurance/life.shtml?WT.ac=LIN0338

Enjoy.

brookerbabyisababy

You can decide how long you want the policy to run for, but the minimum period of cover is 2 years (5 years for Mortgage Life Cover), while the maximum is 50 years. Cover must cease before your 70th birthday.

shaymenRup

If you stop paying premiums for a period longer than 28 days, your plan will terminate without value and no benefits will become payable.
You should review your cover periodically to ensure that it remains adequate.
Cancellation
You have the right to reconsider your decision and change your mind. If you wish to cancel your policy you may do so within 30 days of receiving the policy schedule by writing to:
Freepost RRKG-ACYT-CTXY
HSBC Life (UK) Limited,
Cheltenham,
Gloucestershire
GL50 3SH.
The policy will be cancelled and any premium paid by you in connection with the policy will be refunded. If you do not wish to cancel your policy, your policy will commence and premiums will be collected.
If you choose not to exercise your cancellation rights, and subsequently decide to cancel your policy outside of the 30-day cancellation period, there will not be a refund of any premiums you have paid.

Not really interested in the product as I'm insured through work. Just thought it seemed like a quick buck.

brookerbabyisababy

you have to keep it for 60 days to get the £100. however after 30 days you can't cancel as the minimum term is 2 years.

Merlot

brookerbabyisababy wrote: »

you have to keep it for 60 days to get the £100. however after 30 days you can't cancel as the minimum term is 2 years.

The above only relates to mortgage cover and not life cover, there is no minimum term on the life cover.

Merlot.x.

brookerbabyisababy

Is the policy with HSBC or First Direct? Will canceling the policy have an adverse affect on my First Direct account?

rockrat

we should all have been paid by now, my wifes account has, but mine has not. i have called them and they agree to make the payment asap. now we need to think about the cancellation's. are there any pitfalls we need to consider before just writing in and cancelling?

grogdog

shaymenRup wrote: »

If you stop paying premiums for a period longer than 28 days, your plan will terminate without value and no benefits will become payable.
You should review your cover periodically to ensure that it remains adequate.
Cancellation
You have the right to reconsider your decision and change your mind. If you wish to cancel your policy you may do so within 30 days of receiving the policy schedule by writing to:
Freepost RRKG-ACYT-CTXY
HSBC Life (UK) Limited,
Cheltenham,
Gloucestershire
GL50 3SH.
The policy will be cancelled and any premium paid by you in connection with the policy will be refunded. If you do not wish to cancel your policy, your policy will commence and premiums will be collected.
If you choose not to exercise your cancellation rights, and subsequently decide to cancel your policy outside of the 30-day cancellation period, there will not be a refund of any premiums you have paid.

Not really interested in the product as I'm insured through work. Just thought it seemed like a quick buck.

if you mean death in service through work, what happens if you are made redundant or loss job through sickness , this cover would stop and you may not be able to get new cover, i wouldnt think it is a good idea using dis for mortgage or personal protection.