Hi,
I'm still trying to sort out the change from "Whole of Life" policy to "Horizon" policy.
Bank of Ireland Life have insisted that we do a full financial review as they are basically selling us a new policy from their point of view (I think) but they apparently have to ensure "affordability".
I have their check-list so that I can work out figures before speaking to them next week but we are planning to switch to a policy which will have the same premium as the one we have been paying for years, including when we were both out of work during the recession.
My real worry is that they will say we can't afford the premium and so will leave us on a policy which is only going to get more expensive and which we will eventually have to discontinue, probably while we still need it (mortgage, children, etc).
My question is whether they can insist on leaving us on a more expensive policy on the grounds that we can't afford the cheaper one?
Unfortunately getting life assurance elsewhere is very unlikely due to age/health.
Thanks for any answers.
Sybil
I'm still trying to sort out the change from "Whole of Life" policy to "Horizon" policy.
Bank of Ireland Life have insisted that we do a full financial review as they are basically selling us a new policy from their point of view (I think) but they apparently have to ensure "affordability".
I have their check-list so that I can work out figures before speaking to them next week but we are planning to switch to a policy which will have the same premium as the one we have been paying for years, including when we were both out of work during the recession.
My real worry is that they will say we can't afford the premium and so will leave us on a policy which is only going to get more expensive and which we will eventually have to discontinue, probably while we still need it (mortgage, children, etc).
My question is whether they can insist on leaving us on a more expensive policy on the grounds that we can't afford the cheaper one?
Unfortunately getting life assurance elsewhere is very unlikely due to age/health.
Thanks for any answers.
Sybil