Life Cover Balls Up

crescent179

We were given a quote for Life Cover for both my wife & myself.
When the documents turned up the cover was £11 per month cheaper than originally quoted.
Do I tell them or should I just sign them and send them back, or is there is a risk they wouldnt pay out if I'd underpaid ?

starrystarry

You need to check the documents carefully to make sure what they're offering is what you applied for. Is the sum assured correct? Is the type of cover correct (e.g. is it level or decreasing, does it include any extras you requested)? Are your dates of birth correct? Is your smoker status correct? Have they declined any part of the cover you applied for, which would reduce the premium (look for a "special conditions/terms" section)?

Basically, go through it with a fine toothcomb and make sure it's correct. Compare what was on the original quote with what's on the documents. If in any doubt you could ring them and ask them why the premium has reduced. Alternatively, if you used an IFA get them to double check it all for you.

dunstonh

The initial illustrations would show the minimum premium as it assumes clean health. There is only one direction they can go in and thats up. If the figure has come in lower than it suggests that there is something missing off the plan or an error in the data as starrystarry above suggests.

crescent179

The original quote was £15 pm but when I informed the broker I worked at height the premium went up to £26 pm. The documents they have sent me have my job details in the special section, it all seems to be in order except for the fact it has the original monthly payment of £15.

starrystarry

You've informed the broker about your work at heights but are you certain that the insurance company is aware of it. Was there a question in the application about this?

crescent179

Yep, the insurance company(bright grey) have sent me the documents and it does include the working at height details.

starrystarry

Have you checked all the details on the documents, sum assured etc as above?

crescent179

Yes, what hapenned was I had a letter from them asking me to send the confirmation part of the policy back, when I told them I already had they said they hadn't recieved it so would send me new documents.

The new documents are exactly the same other than the monthly payment.

starrystarry

So the previous documents from the insurance company said £26 and this second set says £15, but nothing else has changed?

crescent179

starrystarry wrote: »

So the previous documents from the insurance company said £26 and this second set says £15, but nothing else has changed?

Yep, thats correct.

starrystarry

Did the first set state that your premium had been increased because of your work at heights?