Do I have to prove my identity details for life assurance?

luminated

I am trying to organise a basic term assurance policy, It is through a IFA to who we have made very clear we know exactly what we want and want NO other advice. They are making hard work of it by trying to dig out far more personal information which is irrelavent to the policy requirement.

On top of which they have now asked for identity proof as part of money laundering requiremnts so is this really a legal requirement? We know it is with house selling.

dunstonh

They are making hard work of it by trying to dig out far more personal information which is irrelavent to the policy requirement.

Execution only, where you pick the provider, terms of cover and sum assureds, requires no other information from you other than what is on the application and money laundering ID check. The insurer may be able to use the small premium exemption but the IFA may not.

Execution only is very strict in its definition. If you havent picked the provider and the IFA has had to produce any information to help you decide who to pick then it stops being execution only and becomes advice and the IFA has to comply with advice regs.

luminated

dunstonh wrote: »

Execution only, where you pick the provider, terms of cover and sum assureds, requires no other information from you other than what is on the application and money laundering ID check. The insurer may be able to use the small premium exemption but the IFA may not.

Execution only is very strict in its definition. If you havent picked the provider and the IFA has had to produce any information to help you decide who to pick then it stops being execution only and becomes advice and the IFA has to comply with advice regs.

Thank you so much for the speedy and informative reply. The only contact with the IFA has been by phone and email. I told them the type of insurance, the term and the maximum monthly spend. We told the IFA I had been turned down by L&G and yes they suggested Pulse who I had never heard of. So because I didn't say Pulse it is now advice????

I will study the docs they emailed me but there is no way I am going to fill in a couple of dozen pages asking for income, outgoings, savings, etc. That is just so unnecessary.

dunstonh

So because I didn't say Pulse it is now advice????

Yes.

I will study the docs they emailed me but there is no way I am going to fill in a couple of dozen pages asking for income, outgoings, savings, etc. That is just so unnecessary.

You may feel its unnecessary but the IFA needs to have that. You can of course refuse to supply it and the adviser will then decide if there is too much refusal to disclose to transact or to proceed but make you aware that your non disclosure reduces the consumer protection you have. A couple of dozen pages sounds very long. A core factfind is typically around 5 pages. Supplementary pages will add to it (pages that only relate to the area in question). Maybe they have sent you every page going in every area by mistake.

OshayAway

An advised sale means that a product will be recommended after assessing your needs. Execution only is where you chose the product and insurer without any input from a broker / IFA etc. There is a middle road of non-advised where options are presented and you make the choice. These options are 'narrowed-down' based on your circumstances.

In any event, if the premium exceeds £50 p/m, the firm arranging the cover is legally bound to verify your identity. Some have the facility to do this electronically, if not they are bound to see two forms of original proof of identity such as passport, driving license, firearms certificate as well as something for proof address like a recent utility bill.

If you apply directly to an insurer, some will apply the source of funds concession if the premium is paid by the policyholder's bank account (this will need to be joint for a joint policy).

OshayAway

luminated wrote: »

We told the IFA I had been turned down by L&G and yes they suggested Pulse who I had never heard of.

What was the reason for decline and how long ago was that.

luminated

OshayAway wrote: »

What was the reason for decline and how long ago was that.

Applied for joint life with L&G. I suspected I would be refused due to past heart attack, angina, current neurological condition, recent tests showing enlarged prostrate and other odds and ends. My wife was initially accepted but felt she needed to call them to say she was 18 months into polymyalgic rheumatica and on low dose of steroids. The guy, over the phone, said it would be no problem but we then got a letter saying no cover being offered now but apply again in 12 months.

So policy for wife.

luminated

OshayAway wrote: »

An advised sale means that a product will be recommended after assessing your needs. Execution only is where you chose the product and insurer without any input from a broker / IFA etc. There is a middle road of non-advised where options are presented and you make the choice. These options are 'narrowed-down' based on your circumstances.

In any event, if the premium exceeds £50 p/m, the firm arranging the cover is legally bound to verify your identity. Some have the facility to do this electronically, if not they are bound to see two forms of original proof of identity such as passport, driving license, firearms certificate as well as something for proof address like a recent utility bill.

If you apply directly to an insurer, some will apply the source of funds concession if the premium is paid by the policyholder's bank account (this will need to be joint for a joint policy).

We realise this is something for the broker/IFA and whilst I hate being asked for stuff that isn't really needed my wife will be passing their door tomorrow and can show them the information they need.

luminated

Just started filling in Pulses proposal form for wife and it asks for her income details. Why would they want this I wonder:question: