Hi Forumites
I've been learning alot from this forum and did not feel the need to post anything until now. Just wanted to use this opportunity to thank everyone for sharing their thoughts openly.
After going through all the threads on income protection, I've decided that it is something that I need to look into as a property investor. So I started to get a few quotes and decided to go with a particular broker "A", who responded to my enquiries very promptly and I was satisfied with the service rendered. "A" put through my application with the insurance company and said that my application is pretty straight forward so there shouldn't be any issues. Couple of weeks later, I got a call from "A"'s boss "O", who owns the company, telling me that "A" has left the firm and "O" is now handling my application. The application was approved by the insurance company aside from the fact that a particular medical condition that I had when I was a child, would not be covered - which I was aware of. "O" said he needs me to sign on the Ammended Application in order to commence the income protection policy. At the same time, my work situation changed from full-time to part-time. I held back from activating this policy as my finances have changed dramatically and needed time to re-work the figures.
"O" kept hounding me to sign the Ammended Application and I had explained that I needed more time to think over, given my new finance situation. "O" said that even if I did not want to go through with this application, I will still have to pay the $xxxx service fee as "O" had done alot of work to get my application through. "O" also said that I had agreed to this as I've signed the original application - to which I cannot recall given the amount of stress that I am currently under.
Is "O" right and what should I do???
I've been learning alot from this forum and did not feel the need to post anything until now. Just wanted to use this opportunity to thank everyone for sharing their thoughts openly.
After going through all the threads on income protection, I've decided that it is something that I need to look into as a property investor. So I started to get a few quotes and decided to go with a particular broker "A", who responded to my enquiries very promptly and I was satisfied with the service rendered. "A" put through my application with the insurance company and said that my application is pretty straight forward so there shouldn't be any issues. Couple of weeks later, I got a call from "A"'s boss "O", who owns the company, telling me that "A" has left the firm and "O" is now handling my application. The application was approved by the insurance company aside from the fact that a particular medical condition that I had when I was a child, would not be covered - which I was aware of. "O" said he needs me to sign on the Ammended Application in order to commence the income protection policy. At the same time, my work situation changed from full-time to part-time. I held back from activating this policy as my finances have changed dramatically and needed time to re-work the figures.
"O" kept hounding me to sign the Ammended Application and I had explained that I needed more time to think over, given my new finance situation. "O" said that even if I did not want to go through with this application, I will still have to pay the $xxxx service fee as "O" had done alot of work to get my application through. "O" also said that I had agreed to this as I've signed the original application - to which I cannot recall given the amount of stress that I am currently under.
Is "O" right and what should I do???
