cancelling my home ins.

pc_wizard

:Thi,i applied for a mortgage through mortgage broker and also she arranged my home insurance.i got my mortgage few weeks ago and now my home insurance life cover has arrivred in post from ins company.the thing is i am not happy with the price just under 80 pounds ( i was never told a price until exchange of contracts) i have been quoted just for life cover with critical ilness:eek:how would i go about cancelling this policy?

i have just recieved the medical question form to sign and return within 14days so does this mean my policy hasnt been finalised yet? the insurance company said in their letters that they wil be sending out a cancelation form as they have to by law but i aint recieved it yet

in the meantime i have arranged my own home life cover and buildings/contents ins so i am already covered:Tat a much better price.
how could i cancel the insurance the mortgage broker arranged easily, should i just ring the ins company up or just not send the medical forms back,what would be my best step?

thanks very much iam very confused

dunstonh

have just recieved the medical question form to sign and return within 14days so does this mean my policy hasnt been finalised yet?

You would normally only get that if the cover has been amended for some reason or the price increased above standard terms. Wait for the cancellation rights.

n the meantime i have arranged my own home life cover and buildings/contents ins so i am already covered:Tat a much better price.

Did you declare that you had an application in progress on your arranged life assurance and that you have not been accepted on standard terms? If you havent, then your life assurance may be invalidated.

how could i cancel the insurance the mortgage broker arranged easily, should i just ring the ins company up or just not send the medical forms back,what would be my best step?

Have you checked to see if you are liable for a fee if you do not purchase the insurances through the broker? If not, then you cancel the insurance when the cancellation rights arrive.

Also, it may be your grammar, but just to make sure, the home insurance and the life assurance are two different things. You make reference to them being one thing in your post. With your own life assurance, have you compared like for like. You mention the broker one is life and CI cover but yours you only say life cover.

pc_wizard

Did you declare that you had an application in progress on your arranged life assurance and that you have not been accepted on standard terms? If you havent, then your life assurance may be invalidated.

I had trouble contacting my mortgage broker as she was very hard to get hold of and i needed my cover in quick time as the estate agent was waiting to exchange contracts so i had to get my own cover on the internet.
after i arrange my own cover and sent the forms back,the mortgage brokers recommended ins company documents arrived in post a few days later

pc_wizard

Also, it may be your grammar, but just to make sure, the home insurance and the life assurance are two different things. You make reference to them being one thing in your post. With your own life assurance, have you compared like for like. You mention the broker one is life and CI cover but yours you only say life cover.

i never asked her for critical illness cover ijust wanted mortgage life cover and building and contents,thats why i was surprised when the documents came in the post

pc_wizard

have just recieved the medical question form to sign and return within 14days so does this mean my policy hasnt been finalised yet?

You would normally only get that if the cover has been amended for some reason or the price increased above standard terms. Wait for the cancellation rights.]

would the cacellation forms be sent out before i sign and return the medical forms...and how long do i have to cancel the application from recieving the medical forms?
thanx 4 your advice!!

mic200202

The medical form sounds like it is just the confirmation of the application questions.Most insurers ask for this to make sure all the answers are correct.Your cancellation rights are 30 days. If you don't require the critical illness cover it is usually easy to remove it from the policy ( or maybe reduce the amount to match affordability). Your broker may have added in the CIC as this seems to have been done at the last minute. Dont forget your broker will lose out by not being able to receive any commissions from this if you go elsewhere...has she done a good job otherwise? Why not work this out with her and explain exactly what you want. You may not receive any advice if you buy online and therefore no recourse to complain later on if the cover isn't suitable - there can be many pitfalls in attempting to arrange this yourself.