This is a bit esoteric but I’m hopeful somebody (maybe a broker) will be able to help based on experience.
A relative of mine is quite ill. She has a level term assurance which is expiring in a few months. Fortunately she had opted to have a conversion option and she will have to exercise it giving that she probably be declined on a new policy (or won’t get a reasonable rate).
The policy is with Phoenix Ireland who are closed to new business. The policy conditions refer to getting standard rates if a contract is available.
Given that Phoenix are closed to new business, what is a standard rate and what happens if they are unable to provide a new contract? Can they stitch her up on the basis that if she is exercising the option she must be ill? What rights does she have if they quote a massive rate or don’t quote at all?
(By the way she is aware that she’d have to pay more than the existing rate but affordability is still an issue).
Given she is ill, I offered to contact the company but she is not keen to do this before she knows her rights on this and what general practice has been. She doesn’t want to be brushed off.
Any help would be appreciated.
A relative of mine is quite ill. She has a level term assurance which is expiring in a few months. Fortunately she had opted to have a conversion option and she will have to exercise it giving that she probably be declined on a new policy (or won’t get a reasonable rate).
The policy is with Phoenix Ireland who are closed to new business. The policy conditions refer to getting standard rates if a contract is available.
Given that Phoenix are closed to new business, what is a standard rate and what happens if they are unable to provide a new contract? Can they stitch her up on the basis that if she is exercising the option she must be ill? What rights does she have if they quote a massive rate or don’t quote at all?
(By the way she is aware that she’d have to pay more than the existing rate but affordability is still an issue).
Given she is ill, I offered to contact the company but she is not keen to do this before she knows her rights on this and what general practice has been. She doesn’t want to be brushed off.
Any help would be appreciated.