How does the law affect Life Insurance sold on the Internet?
Early in 2005, legislation is going to be broadened to include
mortgages and general insurance, including Life Insurance, at which point
it will become necessary for all websites selling insurance to be registered
with the FSA.
At present some websites are registered with the FSA and
some are not. There is no requirement at present to be registered, but
sites that are must indicate this clearly and may well feature the FSA
logo.
Most Life Insurance business conducted on the Internet will
be on an “execution only” basis. You will not be offered personal
advice, but you will be provided with extensive information so that you
can make up your own mind about what you need. The kind of Fact Find that
a Financial Adviser must carry out in order to give personal advice is
not practical on the Internet, so that’s why more detailed information
is offered instead.
Other relevant questions…
How
does the law relate to my purchase of Life Insurance?
What’s
important about the Financial Services and Markets Act (2000)?
personal loans
Is Life Insurance for me?
What else do I need to know about Life Insurance?
How do I get a Life Insurance Quote?
How do I choose the right policy for me?
What if I need cover to be arranged quickly?
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How are premiums calculated?
What if I have to make a claim?
Do I need Mortgage Life Insurance instead?
Should I consider Critical Illness cover?
What other sorts of Insurance should I think about?
How do I make a complaint?
What do I need to know about the law and Life Insurance?
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