Life Insurance Cancelled Due To Missed Payments.

Island_Light

Hello, Newbie here.

My first post so lets hope it works out.

I am self employed and occasionally (more so these days) have cash flow problems. Some of the people I work for keep me waiting 2-3 months before paying me. I spin a lot of plates and work until 3-4am to complete my paperwork.

In the past 6, months I have had the direct debit for my life insurance returned due to insufficient funds.

The insurance company have now said that because of the bounced payments I am no longer covered unless I have a thorough medical and provide my medical records for inspection.

I have paid a lot of money over the years for the cover and I think that it is unfair to cease my cover.

The company always got their money when representing for payment and although I’m sure it is inconvenient for them to have missed payments I had no control over this.

Can I do anything to have the cover reinstated?

I am 45 years old and in good health but I would think starting a new policy could be troublesome, especially if something on my medical records triggered any alarm bells with the insurance company.


I have a wife, two children and three dogs to support and worry how they would cope if the worst happened.

Any advice or ideas would be gratefully received.

Kind Regards

Paul.

Island_Light

Oops, have I posted in the correct section?

tyllwyd

Yes and no - for the insurance question you are probably better off asking on the insurance board. On the face of it though, personally I think you might struggle - you broke the terms & conditions of your agreement by not paying the premiums, so it might be difficult to argue that they are being unreasonable. But if you are in good health, it might even be a good thing, by giving you a chance to shop around.

But if you are struggling financially at the moment, it's not a bad idea to look at this board anyway. If things are really bad, you might consider doing an SoA (statement of affairs = budget) and contacting a debt advice charity.