Life Assurance Policy question

John424

Hi,

I have a L&G life assurance policy sitting alongside my mortgage, I pay £20 a month or something to protect the mortgage of £245k (6 years ago) now £203k. My question is that I have seen in the news these companies not paying out on minor technicalities e.g. boxes not ticked etc and even for some illnesses. Is there any way I can check how good the policy is? I 'd hate to get terminal cancer or something and they would not pay out for example.

John

dunstonh

I have seen in the news these companies not paying out on minor technicalities e.g. boxes not ticked etc and even for some illnesses.

Yet the claims figures never support the media. Non-disclosure rejections are typically around the 2% mark. You cannot be rejected unless you have lied or missed something pretty major. The recent case that made the media had some pretty important and recent things not declared and specific questions asked got responses that were not the truth. The media makes a pigs ear of reporting many stories. Indeed, if you read the official insurance company statement then you can see clearly why they rejected it. However, most papers decided to cut the key bits out and basically twisted it to say something different. Typical UK media.

Is there any way I can check how good the policy is?

Have you lied on your application or have any reason to believe you didnt declare something you should have?

John424

No all disclosures fine, I think my alcohol unit intake probably has increased more than the disclosure whatever it was with the stress of paying the mortgage :-) but in all seriousness I can't remember even filling the forms out. I just keep on top of my outgoings and it's one payment that slips through the scrutiny especially since a £1 or something goes to the IFA in every payment....

jonesMUFCforever

When I was arranging new life cover around 3 years ago - I did it online (sorry Dunstonh) I got a copy of the application with the policy.
Did you get this?

ACG

Its life insurance. If you die whilst its in force it pays out.
If you didnt lie or "forget" when filling out the application form then you should be fine.

Obviously if you forgot you had suicidal thoughts or cancer treatment, your not going to get a payout, if you forgot to mention man flu then its probably not going to be an issue.