If a broker provides (emailed) details of an Income Protection policy and it is subsequently taken out on that basis , is there any recourse for the policyholder if the information proves to be incorrect?
Specifically, it was about automatic indexation & the broker stated, if required, it could be cancelled prior to the inception anniversary each year. (This may be necessary to avoid over-insurance due to the 75% income rule and/or the increase in premium)
This information has proved incorrect as indexation will no longer apply if cancelled on two successive occasions according the the insurance company.
In order to retain the option, the only option is to cancel it biennially but this could mean being over insured and would mean a premium increase on each occasion indexation is applied.
The broker has admitted a mistake was made but cannot make amends. There are no other insurers to choose from due to occupation class & level of cover.
Could anyone advise on this matter?
Specifically, it was about automatic indexation & the broker stated, if required, it could be cancelled prior to the inception anniversary each year. (This may be necessary to avoid over-insurance due to the 75% income rule and/or the increase in premium)
This information has proved incorrect as indexation will no longer apply if cancelled on two successive occasions according the the insurance company.
In order to retain the option, the only option is to cancel it biennially but this could mean being over insured and would mean a premium increase on each occasion indexation is applied.
The broker has admitted a mistake was made but cannot make amends. There are no other insurers to choose from due to occupation class & level of cover.
Could anyone advise on this matter?