can I cancel

Ems*Honie

Hi

We recently took out a policy that includes critical cover for me. Contract was issued on the 4th with the right to cancel form. DH has just phoned from work to ask me to cancel the critical cover (not the full policy) as it adds up to over £800 per yr. I dont want to phone the Ins company yet, without knowing all my options.

Does anyone have an idea of what happens in this sort of situation? I'm aware how clueless I sound, but its taken over 7 months of serious stress to get it set up in the first place and I just signed when it finnally came through.

Thank you.

jasonking

Technically you have a 30day cancellation period but the insurance company is not obliged to refund the premium you might have paid as if you had died they would have paid out. If you havent paid a DD yet then it could be simpler to just cancel your DD mandate with the bank. You can cancel a term assurance plan whenever you like and the insurance company wont come after you for any premiums as there is no obligation on your part to keep the plan going that long.

If you used a broker to set the plan up they might have a cancellation fee...they should have made this clear at the outset if there is.

It might be difficult to strip the CI element out as well...you might have to just cancel and reapply for life only cover

Its a bit of a waste of everyones time to go through 7mths of stress and expense and then cancel it because you cant afford it isnt it?

dunstonh

£800 a year for CI cover isnt much.

I find more claims going through under CI in recent years than life cover. Thank God they had it as well as a few cases would have seen massive changes in lifestyle if they hadnt.

If arranging it was stressful, think about having a claimable event and not being covered.

Ems*Honie

jasonking wrote:

Technically you have a 30day cancellation period but the insurance company is not obliged to refund the premium you might have paid as if you had died they would have paid out. If you havent paid a DD yet then it could be simpler to just cancel your DD mandate with the bank. You can cancel a term assurance plan whenever you like and the insurance company wont come after you for any premiums as there is no obligation on your part to keep the plan going that long.

If you used a broker to set the plan up they might have a cancellation fee...they should have made this clear at the outset if there is.

It might be difficult to strip the CI element out as well...you might have to just cancel and reapply for life only cover

Its a bit of a waste of everyones time to go through 7mths of stress and expense and then cancel it because you cant afford it isnt it?

Thanks for the advice. From what I can gather we need to cancel via our broker.

AS for canceling because we cant afford it, we were quoted £25 per month due to a mistake in communication at the onset of the application, it wasn't picked up on. We can afford the policy, I never said that we couldn't. Perhaps if our broker had checked their paperwork at the beginning of the seven months he would have seen it included Critical and would have given us a better quote, infact a correct quote. If the insurance company hadn't lost our paperwork twice, it wouldn't have wasted seven months of my time either. I asked for advice, and appreciate advice, I didn't ask for your opinion on the situation, which besides a very brief post you knew nothing about.

Thank you Dunstonh. The problem we have is that my husband was denied the cover, and as I'm at home, although I do work in a fairly lucrative job (if it were full time at least lol) it is my husbands change of circumstance that would cause issues.