We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Not able to cancel my PLI under 'cooling-off period' rules
friars126_2
Posts: 1 Newbie
Hi,
I bought PLI on the 9th and i phoned to ask what the cancellation fee would be. The lady informed me that they don't allow ANY mid-term adjustments or cancellations. I read up and it said legally you're allowed a 14 day cooling-off period but this was in general, not specific to PLI. I spoke to them again today and she said the rules don't apply as it's not a commercial product. Is this true?
many thanks
friars
I bought PLI on the 9th and i phoned to ask what the cancellation fee would be. The lady informed me that they don't allow ANY mid-term adjustments or cancellations. I read up and it said legally you're allowed a 14 day cooling-off period but this was in general, not specific to PLI. I spoke to them again today and she said the rules don't apply as it's not a commercial product. Is this true?
many thanks
friars
0
Comments
-
This is from the key facts of a Zurich Public Liability policy I found with a quick search;-Cancellation rights
This policy does not entitle you to a cooling-off period.
http://www.zurich.co.uk/NR/rdonlyres/15F16E36-6281-4E81-BBFE-C359E0D8743D/0/ZCYL710PublicandProductsLiabilitySOC.pdf
Presumably, this type of cover does not require a statutory cooling-off period.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
From memory, Cancellation rights do not apply to PLI and there are no refunds given due to the nature of the insurance.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
-
From memory, Cancellation rights do not apply to PLI and there are no refunds given due to the nature of the insurance.
No. (Not all policies, anyway!)
Usually you do get a cooling off period to cancel in, and can get a (partial) refund if you cancel mid term if the business has ceased or been sold.
eg (from the (hated!) axa):
You may cancel this policy from the original start date
within 14 days of receiving your policy if for any reason
you are dissatisfied or the policy does not meet your requirements.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards