Q: I tried to fill up an application form on the internet, but unfortunately I sent it without the bank details. I do have a few questions as well.
1. What can I do with my existing insurance, does it cancel automatically or I have to do it myself.
2. How do I know that I am insured such that I can cancel it myself, before losing out on the 120 waiver condition offered to those from other insurers.
3.will I get a hard copy of the policy documents?
A: This policy is with FirstAssist and it is an income protection insurance policy. It is not linked to a mortgage or borrowing and you can cover up to £1500 or 50% of your gross monthly income, whichever is the lesser. If you have had your existing policy for at least six months, have not made a claim under your existing insurance in the last 24 months and you are unaware of any reason for making a claim in the foreseeable future you can transfer your existing cover and the 120 day initial exclusion period will be waived. You must ensure that there is no gap between your old payment protection insurance policy cancelling and your new policy starting. Full details can be found online at www.britishinsurance.com.
You will need to cancel your existing payment protection insurance policy yourself and we usually suggest that you wait until you have had confirmation that the new policy has been approved before cancelling your old payment protection insurance policy.
If the underwriters are happy with your application, they will send you your policy documents in the post.
Please note, if you re-apply online with bank details, this new application will cancel out the application without bank details, however, if we do not receive a new application by the next working day, we will send you a direct debit mandate in the post.
If you have any further queries, please do not hesitate to contact us.