I have Life Insurance with a major International Insurance company. I have a life insurance joint life which I tool out, 30 years ago, never saw the "broker" salesman since, cover about 180K. In 1994 took out a Life, Disability and Critical Innness with a broker for the same company. He stated at he time he would recommend it, it was for 55K on a 20K mortgage Top Up. I was ubable to work in 1999 and 2001, but as the policy was never explianed in full I never made a claim ( Loss about 15 months income)
In early 2007 I contacted the insurance company, complaining that I did not see the benifit of the policy as I paid the mortgage off in 2004.
Out of the blue, the broker rings stating that he can cancel the original policy, he arranged to send out a cancellation, and open a brand new life only joint policy ( CHURNING ???)
in DEC 07 I had my first stroke, off work for 16 weeks, July 2008 heart failure, July 2009 CardioMYOPHTY, August 2009 Stroke , March 2010 stroke.
HAVE THESE BROKERS A DUTY OF CARE TO THEIR CUSTOMERS OR ARE THEY IN IT FOR THE MONEY, DO THEY NOT NEED TO MEET THEIR CUSTOMERS , OR EVEN WRITE ADVISING ON THE BEST ADVISE, OR ARE THEY JUST CONCERNED WITH MAKING NEW SALES AND PROFIT. IF SO THE BIG INSURANCE COMPANIES HAVE A GET OUT OF JAIL CLAUSE - THE BROKERS
In early 2007 I contacted the insurance company, complaining that I did not see the benifit of the policy as I paid the mortgage off in 2004.
Out of the blue, the broker rings stating that he can cancel the original policy, he arranged to send out a cancellation, and open a brand new life only joint policy ( CHURNING ???)
in DEC 07 I had my first stroke, off work for 16 weeks, July 2008 heart failure, July 2009 CardioMYOPHTY, August 2009 Stroke , March 2010 stroke.
HAVE THESE BROKERS A DUTY OF CARE TO THEIR CUSTOMERS OR ARE THEY IN IT FOR THE MONEY, DO THEY NOT NEED TO MEET THEIR CUSTOMERS , OR EVEN WRITE ADVISING ON THE BEST ADVISE, OR ARE THEY JUST CONCERNED WITH MAKING NEW SALES AND PROFIT. IF SO THE BIG INSURANCE COMPANIES HAVE A GET OUT OF JAIL CLAUSE - THE BROKERS