Pearl - How to - Cancel or amend bank standing order payments after making a claim

Cancel or amend bank standing order payments after making a claim - IB Customers

You can use this page to find out how to either cancel or amend your bank standing order payments after making a claim.

The action you need to take will depend on the type of claim you have made and whether you still have policies paying from the same bank standing order instruction.

When to Cancel or Amend your payments

Cancel - You will need to cancel your bank standing order if it was only for the policy you have now claimed upon.

Amend - You will need to amend your bank standing order if it includes payments for other policies for which premiums are still payable.

Detailed below are the different claim types and actions you will need to take to either cancel or amend your payments.

Cancel your bank standing order payments

Maturity, surrender or deceased claim

If your bank standing order was only for the policy which you have now claimed upon, you will need to cancel the bank standing order with your bank by completing a standing order cancellation form. The cancellation form will be sent to you with notification of your payment or you can download the cancellation form below.

Once completed, please send the cancellation form to your bank. Please do not send this to us.

Amend your bank standing order payments

1. Maturity claim

If your bank standing order includes other payments for policies for which you are still paying premiums, you will need to amend your bank standing order with your bank by completing a standing order amendment form.

The amendment form will be sent to you along with notification of your payment or you can request an amendment form using the online request form below.

2. Deceased or surrender claim

If your bank standing order includes payments for policies for which you are still paying premiums, you will need to amend your bank standing order by completing a standing order amendment form. You can request an amendment form using the online request form below.

Launch the online form - Request a BSO Amendment

Once completed, please send the amendment form to your bank. Please do not send this to us.

Please cancel or amend your bank standing order promptly after either, receiving payment of your claim or making your last premium payment.

It is very important to remember that if your bank standing order includes policies for which you are still making payments, you should amend the amount of your payments and not cancel them as this will affect payments on your remaining policies.

Download Cancellation Form
	Bank Standing Order - Cancellation Form (pdf file, size: 8kb)

Note: You need Adobe Acrobat Reader to view pdf files. You can obtain Adobe Acrobat Reader free from here.

Questions and Answers

What should I do if my address is now different from the address held on your records?
You can download a form to update your address in our How to - Inform us of a change of address section.

How can I notify you that I have changed my name?
Details of how to do this, and our requirements, can be found in our How to - Inform us that you have changed your name section.

What will happen if I forget to cancel or amend my bank standing order?
If we receive payments after your claim has been paid, we will refund these to your bank account. It is advisable to check your bank statements to make sure that your payments have been cancelled or amended as appropriate.

Why do I have to send the bank standing order instruction form to my bank?
A bank standing order instruction is an agreement between yourself and your bank and as such we are not authorised to cancel or amend payments on your behalf.

Why can’t you send me a form to amend my bank standing order with notification of my deceased or surrender payment?
We can only do this for a particular policy type at maturity. As you will still have other policies for which you are still making payments under the same bank standing order instruction, we need to supply you with the unique reference number which the bank will need to trace your payments. We will also need to advise you of the new payment amount and this information will be included on the amendment form that you receive.

Why can’t I amend my bank standing order amount by simply deducting the premium amount of the policy I have made a claim on?
Your bank will need an amendment form which provides your unique reference number. This number will ensure that your new payment amount is correctly applied to your remaining policy numbers paying by bank standing order.