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This may be a little hard to answer for most unless you are a consumer credit lawyer lol but when you take out life insurance you should have a cooling off period as per the CCA 1974 (I think ) of 30 days. All other (except pensions) are 14 days.
Now if you are sold PPI with INCLUDES life insurance should the actual cooling off period be 14 or 30 days?
I argue that it should be 30 days because it is also life insurance and according to the FCA (FSA) PPI is a pure protection product and pure protection products should have a cooling off period of 30 days now but what about in the year 2000? Was life insurance always 30 days?.
And should actual insurance policies have cancellation/cooling off periods, written into the contract? (I don't mean if you cancel you will NOT get a rebate in proportion etc etc)... I mean actual cooling off periods - ie standard terms? (And I don't mean the insurance credit agreement which is just the loan to pay over to the insurer as this is different? I mean the actual product itself?
Can anyone answer this please correctly and legally and with some evidence perhaps.
Cheers
Now if you are sold PPI with INCLUDES life insurance should the actual cooling off period be 14 or 30 days?
I argue that it should be 30 days because it is also life insurance and according to the FCA (FSA) PPI is a pure protection product and pure protection products should have a cooling off period of 30 days now but what about in the year 2000? Was life insurance always 30 days?.
And should actual insurance policies have cancellation/cooling off periods, written into the contract? (I don't mean if you cancel you will NOT get a rebate in proportion etc etc)... I mean actual cooling off periods - ie standard terms? (And I don't mean the insurance credit agreement which is just the loan to pay over to the insurer as this is different? I mean the actual product itself?
Can anyone answer this please correctly and legally and with some evidence perhaps.
Cheers
