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Life insurance elderly parents ripped off
Jim_Fraser
Posts: 2 Newbie
I.m trying to consolidate my elderly parents life insurance
they have been sold about 11 polices, seems that they have signed up fo a
policy every time a salesman visits to such an extent that the are over drawn on standing orders every month.
The insurance companies wont talk to me because of the data protection act
even in their presence.
They are partialy sighted and hard of hearing
How can I find out what their policies consist of which ones to cancel
Can I write a letter and have them both sign or can I transfer the responsibility to me
Help
they have been sold about 11 polices, seems that they have signed up fo a
policy every time a salesman visits to such an extent that the are over drawn on standing orders every month.
The insurance companies wont talk to me because of the data protection act
even in their presence.
They are partialy sighted and hard of hearing
How can I find out what their policies consist of which ones to cancel
Can I write a letter and have them both sign or can I transfer the responsibility to me
Help
0
Comments
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How can I find out what their policies consist of which ones to cancel
As your parents to sign a letter that requests a breakdown of policy information or get an IFA to do it for them. The sales rep of the insurer could as well but its best to avoid them wherever possible.Can I write a letter and have them both sign or can I transfer the responsibility to me
Not unless you are authorised and regulated by the FSA. However, you could look at a power of attorney. That could be a bit extreme though. If your parents sign the letter asking for details then the insurer should act on that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
However, you could look at a power of attorney. That could be a bit extreme though.
I think after they have signed up for 11 policies, it's time to ask for power of attorney. They obviously can't handle their own finances.
Sorry if that sounded a bit cold.Savings
£14,200 with £1100 M.I.A. presumed dead.0 -
How can I find out what their policies consist of which ones to cancel
Surely your parents have the policies somewhere?0 -
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