Finance Talk

my broker said he could get me life insurance cheaper than i was paying. so i cancelled my existing policy. now he says that due to an illness i had, the policy will cost more than he expected - and more than i was paying. what cal i do?

Your broker should have advised you NOT to cancel your existing policy until the new insurer had confirmed that your new policy was in place. The first step is to make a formal complaint to your broker who should offer you compensation. I would imagine that the compensation would be equivalent to the difference between your old monthly premium and the new premium the broker can offer you multiplied by the number of months the old insurance had to run. If you are not satisfied by your brokers reply, you can then take it to the Financial Ombudsman Service - but first make a formal written complaint to your broker.