Life Insurance started without my consent

[Alltrack]

I was presented with a quote for life insurance by an IFA a few months ago.
I decided it was not affordable and declined.

I have just noticed the premiums are coming out of my bank account ( my fault for not checking)
I emailed the IFA who said that they cancelled the policy with the insurance company.

I then contacted the insurance company who said that a trainee at the IFA's company had made the policy live on the same date that the IFA said they cancelled it.

For the moment I am assuming that this is an administrative mix up but I think I could be bounced between the two parties.
I have an email from the IFA saying that they confirm I don't want it plus letters from the insurance company asking me why I haven't taken up the application.

What's the best/quickest way of getting my premiums back?

[randlemarcus]

Quickest is to invoke the direct debit guarantee with your bank. Not necessarily the best, as it will cause issues for the life company. Maybe tell them they have a week, then do it?

[p4cks]

randlemarcus said:

Quickest is to invoke the direct debit guarantee with your bank. Not necessarily the best, as it will cause issues for the life company. Maybe tell them they have a week, then do it?

If the OP decides to do this, it's referred to as an 'indemnity claim' although I think given it's an administrative error everything will work itlsef out in the end

Oh, and OP when I first read the title I assumed that it was a wife/partner who'd set it up without you knowing and that is alarm bells for anyone who watches American murder documentaries as it can signal the first step towards your suspicious death

[12dan34]

If you cancel within 30 days of it starting then the provider/insurance company will refund any premiums. If outside of this period, go straight to the IFA, it's their fault and I imagine they would be quick to put it right and refund you ASAP.

[dalenorth]

This happens to often in the industry. Cancel the dd and demand the ifa refunds all premiums

[davek_964]

p4cks said:

Oh, and OP when I first read the title I assumed that it was a wife/partner who'd set it up without you knowing and that is alarm bells for anyone who watches American murder documentaries as it can signal the first step towards your suspicious death

Same here - was really disappointed when I read the contents!

[Sarnie]

If the IFA only presented you with a quote, which you declined...........for them to put the policy on risk they would have to complete a WHOLE application for you making up the answers.........they can't accidentally do all that.........

[JulianPH]

I am with Sarnie on this, something is very wrong here. Also:

Alltrack said:

I was presented with a quote for life insurance by an IFA a few months ago.
I decided it was not affordable and declined.

I have just noticed the premiums are coming out of my bank account ( my fault for not checking)

This is not your fault at all. The IFA had to submit the application for it to go live. There is no other way it could have gone live.

Alltrack said:

I emailed the IFA who said that they cancelled the policy with the insurance company.

There should never have been a policy in place to cancel. The policy was opend without your consent or knowledge and against your wishes.

Alltrack said:

I then contacted the insurance company who said that a trainee at the IFA's company had made the policy live on the same date that the IFA said they cancelled it.

This just does not make sense. The policy was already live and the instruction was to cancel it. This "trainee" could therefore not make the policy live on the same day they said they cancelled it, as it was already live.

You are being very relaxed about this, I would be demanding answers and insisting your premiums are returned in full today.

[Alltrack]

Sarnie said:

If the IFA only presented you with a quote, which you declined...........for them to put the policy on risk they would have to complete a WHOLE application for you making up the answers.........they can't accidentally do all that.........

The application was done online in my presence - the price appeared and I said I would consider it. I was then phoned by the IFA a few weeks later where I declined it. She then emailed me asking me for reasons for declining for her records. I also received regular chase letters from the insurance company asking for me to start the policy.
The point of contention is that the IFA say they cancelled the application with the insurance company while the insurance company say they told them to make it live.

[Croutons]

A trainee was let loose on a live system?

The key phrase to be using with the IFA would be "I would like to make a complaint".

[Craigybaby69]

Which insurance company?

[Rewe]

Get your own back by immediately dropping dead. It will cost the thieving bds thousands!

Stick it to the man!

[Alltrack]

Craigybaby69 said:

Which insurance company?

L&G - enough said.

[Sarnie]

Dodgy.

[JulianPH]

Alltrack said:

I was presented with a quote for life insurance by an IFA a few months ago.
I decided it was not affordable and declined.

Alltrack said:

The application was done online in my presence

These two statement are somewhat contradictory...

(I am only trying to help in raising this BTW)

[Alltrack]

JulianPH said:

These two statement are somewhat contradictory...

(I am only trying to help in raising this BTW)

In order to generate the premium I had to complete the application process - i.e. questionnaire about medical history.
This generated a quote which I said I would have to think about. It would also have been subject to a medical report from my doctor.
I did go online to seek alternate quotes as I thought mine was very expensive.

I was then chased by the IFA asking for the go ahead for the this several weeks later.
I declined and she then asked for my reasons in order to complete her records.

Speaking to L&G this morning it transpires that multiple applications for the same cover were made by the IFA or one of her minions,
One was cancelled and one was made live.

I never received any policy documents, In fact L&G sent chase letters out asking why I hadn't taken up the policy.
Plus no commission was claimed by the IFA.
They have now passed it to their cancellations team to see if I can get the premiums back.

[Sarnie]

Alltrack said:

In order to generate the premium I had to complete the application process - i.e. questionnaire about medical history.
This generated a quote which I said I would have to think about. It would also have been subject to a medical report from my doctor.
I did go online to seek alternate quotes as I thought mine was very expensive.

I was then chased by the IFA asking for the go ahead for the this several weeks later.
I declined and she then asked for my reasons in order to complete her records.

Speaking to L&G this morning it transpires that multiple applications for the same cover were made by the IFA or one of her minions,
One was cancelled and one was made live.

I never received any policy documents, In fact L&G sent chase letters out asking why I hadn't taken up the policy.
Plus no commission was claimed by the IFA.
They have now passed it to their cancellations team to see if I can get the premiums back.

As long as you get your money back, which you will, thats the main thing...............but reading your statement there would be a LOT of concerns for someone looking at that from the Ombudsman/FCA.........

They are either massively incompetent or...............

[JulianPH]

Alltrack said:

In order to generate the premium I had to complete the application process - i.e. questionnaire about medical history.
This generated a quote which I said I would have to think about. It would also have been subject to a medical report from my doctor.
I did go online to seek alternate quotes as I thought mine was very expensive.

I was then chased by the IFA asking for the go ahead for the this several weeks later.
I declined and she then asked for my reasons in order to complete her records.

Speaking to L&G this morning it transpires that multiple applications for the same cover were made by the IFA or one of her minions,
One was cancelled and one was made live.

I never received any policy documents, In fact L&G sent chase letters out asking why I hadn't taken up the policy.
Plus no commission was claimed by the IFA.
They have now passed it to their cancellations team to see if I can get the premiums back.

This does all sound very strange.

The IFA made multiple applications when you had not authorised this or provided a medical report.

L&G placed one of these applications live and have been taking your premiums, but don't send you any policy documents and chase you up to take one out with them.

If you would like someone to properly look into this for you then consider contacting Nik on the Intelligent Money thread at the top and I'm sure he will be able to get to the bottom of this for you.

[Sarnie]

JulianPH said:

The IFA is also a charity and works for free too........