Cancellation fee on life insurance

kingstreet

dunstonh wrote: »

Maybe it would help if you gave your scenario.

Cancellation fees are allowed on insurance. Even within the cancellation period.

There's a thread above this one, you've already answered it.

GGW.LEWIS

By the looks of the postings on this thread and my own experience with these Compare Warehouse crooks, they are making a living out of this. I just wonder how big this is in terms of a cash cow for Compare Warehouse?

It happened to me too. Months ago I thought of taking a combined Life Insurance and Income Protection Insurance in case I got ill or something and my other half would be protected.

I looked around the Internet and Compare Warehouse came up pretty much like others, for example Money Supermarket and the like. Believe me, you are never never going even to suspect that take or don't take a deal, you are going to be charged a cancellation fee. I have used Money Supermarket in the past and I never got charged anything if I cancelled.

Well, Compare Warehouse got me a Royal London Life Insurance, which did not include the Income Protection I wanted. I ended up cancelling because it did not fit the purpose I wanted it for.

So Compare Warehouse is threatening me with a Cancellation Fee bill of £1060.00 or in other words, they want me to foot the bill for the fee Royal London is getting back from Compare Warehouse.

You just can't make it up, really!... I never heard of any fees until after I cancelled. Because if I knew in clear terms that a cancellation fee could be on the table, I would have told Compare Warehouse to stick it up where the Sun doesn't shine, that's for sure!

As far as I am concerned, I ain't paying that, it is well under dispute and I might send copies of this thread to the Financial Conduct Authorities and to the House of Commons Financial Affairs Committee!

I won't stand up for this sort of crook practises. They are conning the consumers with this and that is plainly WRONG!:mad: