This may be a very silly question but both myself and my wife have life policies with Abbey Life. They cover us for both death and critical illness. I think they are called life assurance policies.

When we took out the policies we were told we could get x amount of cover for x amount of premiums. It would have been enough to cover the mortgage should the worst happen.

Looking at a recent statement, I noticed the cover was substantially reduced but the premiums are the same. I cant remeber being told at any time theat the cover could or would reduce. I guess its all tied up with the investments that they make and in the recent climate its understandable.

I just wanted to know if this is standard or if we may have a cause for asking for our money back due to it being mis-sold...I took out an endowment policy with them at the same time and basically had all my premiums and interest returned as it was deemed to have been mis sold to myself.

Thanks.

I was some time ago me and hubby had joint life and critical illness but when we did we had a choice of guaranteed or sliding the guaranteed cost a bit more but the cover remained the same for the full term of the policy the other cover as suggested went down over the term.

I would get in touch with Abbey and find out what cover you have and if needed just switch to another policy although critical illness is a small fortune to take out now.

Hope this helps

NS

Thanks for that NS....to be honest have just checked out one of the larger comparison sites just to get some idea and it appears 2 single policies would be cheaper than 1 joint one and for the cover we are looking for, the price we would pay would be around £7 pm more...not bad considering the cover would be increade by about 200%

Basically looking for around £125k cover with critical illness.

Some of the sites are saying the premium will go up every year....how can I find out what this increase is likely to be?

Thanks.

I would look around and if you find a policy you like, say on a comparison site, I would go from there directly to the insurers site and more in depth details should be on there, all else fails give the companies a direct call make sure your completely happy with what your signing up for.

There are also large independent insurance companies that don't use comparison sites so I suggest to google life insurance to make sure you've shopped around them all.

And defiantly read through the policy/s when you get them to make sure it has all you've been promised and that the payments will be what you've agreed to.

Good luck.

NS