What if I decide I don't want the policy after all?

If you have recently taken out an insurance policy and you want to terminate it, you should be able to do so within a set period of time, known as the cooling-off period (this is usually 14 days after you have taken out the policy). If you cancel the policy within the cooling-off period, you are entitled to a reimbursement of any payments you have already made.

Most insurance policies are approved by the Association of British Insurers Code of Practice and monitored by the Financial Services Authority, who you can contact to find out about approved insurers.

If the standard of service you have received is not up to standard or you wish to contest a decision with your insurance company, you should contact them and tell them you wish to make a complaint. Your insurance provider should have a complaint procedure in place to ensure that your case is dealt with as quickly and effectively as possible. The insurance company has a responsibility to ensure that all complaints are handled in an appropriate manner and you should be kept up to date with the situation. Companies have up to eight weeks to deal with complaints.

If you have contacted your insurance provider and made a complaint and you are not happy that it has been dealt with in the right manner, you can contact the Financial Ombudsman Service. The Ombudsman service is provided free of charge and it is designed to resolve issues between consumers and companies.

The address of the Financial Ombudsman Service is:

Financial Ombudsman Service,
South Quay Plaza
183 Marsh Wall
London E14 9SR

You can also visit the Financial Ombudsman Service website (https://www.financial-ombudsman.org.uk/consumer/complaints.htm) to find information about making a complaint to your insurance provider or using the Ombudsman service. If you do use the service, you will be asked to fill in a complaints form and the Ombudsman service will deal with your case.

Life Insurance

• Life Insurance - Intro
• Why should I consider buying critical illness cover?
• Which illnesses are covered?
• How do I compare critical illness cover policies?
• What is the cost of critical illness cover?
• Can I increase my cover after the policy starts?
• How do I make a claim?

• What is level term life insurance?
• What is mortgage protection insurance?
• What are critical illness policies?
• Will any exclusions apply to the critical illness cover?
• What types of critical illness policy are available?
• Who can take out critical illness cover?
• How do I apply for critical illness cover?
• What should I do if I want to complain?