Advice please xxx

Mrsronaldo

Hi people I need some advice my brother in law has learning difficulties and had an appointment with the bank yesterday at 2.30pm he left at 5pm, he came home with paper work for life assurance for £65 a month for £10,000 I kid you not, can he get out of it? I pay £10 a month for 250,000 so I know the bank have seen him comming x

System

Check the T&Cs on the paperwork he was given. I believe there should be a cooling off period, even when purchased in branch.

See : http://whatconsumer.co.uk/cooling-off-and-cancellations/

Financial products and services

Financial products including banking, credit, insurance, personal pensions and investments, sold by distance means are subject to a 14 day cooling off period (this is 30 days in the case of life insurance and personal pensions). This includes renewals for insurance where the agreement has been sent by post. This 14 day cooling off period also covers situations where you bought a financial product from an intermediary or a broker, even if it was discussed and signed face to face. You must be sure to follow correct procedure for cancellation (see below). The insurer or broker must refund any monies paid by you within 30 days, although they have the right to deduct a reasonable admin charge, and a sum proportionate to the number of days cover you have had. If you have any related credit agreements, these will also be cancelled.

ACG

Yes so long as it was done recently, as stated above. Ask him to call the bank to cancel the Direct Debit and the insurance company to cancel the policy. Infact the bank should be able to do both for you.

Mrsronaldo

Thank you I just can't belive they came up with a figure like that, it's shocking for just £10,000

crazyguy

Mrsronaldo wrote: »

Thank you I just can't belive they came up with a figure like that, it's shocking for just £10,000

Thats an eager salesman for you looking there monthly quota,

ACG

Banks are more expensive, but there is also an element of different sexes and different ages.

That being said im pretty sure he could get a hell of a lot more cover for £10. Dont worry it shouldnt be too much trouble to get it cancelled, probably take 15-30 mins to sort out.

zeeshan_ali2525

expecting my 1st in and have been reading my pregnancy book regularly.

dwsjarcmcd

Mrsronaldo wrote: »

Hi people I need some advice my brother in law has learning difficulties and had an appointment with the bank yesterday at 2.30pm he left at 5pm, he came home with paper work for life assurance for £65 a month for £10,000 I kid you not, can he get out of it? I pay £10 a month for 250,000 so I know the bank have seen him comming x

As has been said banks are more expensive but they also have fairly strict regulatory proccesses, so there is something wrong with the figures, the cover or both. They are not that expensive. So something like

• It is not life insurance but also includes Critical Illness
• He is much, much older than you and smokes and you don't
• The figures you quote are incorrect
• A combination of all of the above

As has also been said, it is straightforward to cancel the product if it is unsuitable

alistair.long

Firstly if the person getting into a contract has a gaurdian or representative (what ever people call them nowadays to do the paperwork) then he should sign the paperwork along with him.

If he signs checks on his own then this shouldnt be needed.

Secondly you can cancel something like this within 7 days normally as it was sold to you, and not asked by you. No penalty charges either.

kingstreet

Does he have capacity?