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This can't be right surely ???


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Hello All

 

I just got my husbands yearly statement for his life insurance

 

UNBELIEVABLE !!!

 

Its an adaptable term plan and most its ever gone up is a couple of pound every year WE have had this policy for 20 years

 

This year they have uped payment from £36 pcm to :mad2: £166 how does that work?

 

Surely they cannot increase premium this much £214,000 cover (which I think is less than last years cover have to check) for £166 pcm

 

Gob Smacked ! and to make matters worse their letter dated 1st March was received today which now gives me 10 days to deal with this.

 

 

HELP HELP HELP :!:

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Has your husband phoned them to ask whether they have made a mistake ? Perhaps the amount per month is wrong. Or there may be an explanation. Some companies are open on a Saturday, so it may be working calling them.

 

I thought that these were plans over say 25 years, with payments going up a bit each year and there would not be a sudden jump in premium when a certain age was reached.

We could do with some help from you.

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I wondered if it had something to do with age but 4.6 times increase because he's a year older???

 

Fact of the matter is if premium required is correct then no way can we continue with cover (how can this be legal)

 

Letter says something about administration charges but out so haven't hot the letter with me

 

I thought it was a 25 year term but we are talking about paperwork that's 20 years old I know I'm a hoarder of paperwork but wouldn't have the faintest idea where to find it

 

Can't phone today so have to do it Monday - surely it has to be wrong

 

Anyone else had such a jump on premium

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this is a long shot... but if the increase is correct and there are guaranteed premiums offered in 2006, maybe it would be possible to claim back from 2006 as policy was mis-sold? a long shot i know, just suggesting incase it is possible

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Hello there.

 

As well as the other comments on here, I think it would be worth checking the policy document. I hope it would explain the basis of how premiums might increase.

 

If you would like to post up what it says [minus personal details], we might be able to give more advice.

 

HB

Illegitimi non carborundum

 

 

 

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Hello there.

 

As well as the other comments on here, I think it would be worth checking the policy document. I hope it would explain the basis of how premiums might increase.

 

If you would like to post up what it says [minus personal details], we might be able to give more advice.

 

HB

 

onestressedwoman isn't sure where it is but Zurich will easily produce a copy for her when she calls them on Monday.

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Reputable and Zurich, really.

 

They do this all the time, mine went up hundreds and I did a quick online comparison. What was funny was Zurich was lowest for new customers.

 

Phoned them up and questioned the increase. The advisor and I quote, told me to **** off and get it cheaper then. As you can imagine, I did :)

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From what I can read, that's not a renewal, it's an illustration.

 

We need to see the whole letter and a lot clearer if poss.

 

The advice cost refers to what an IFA would be paid.

 

The only thing I would say is beware of cancelling it without getting more cover in force because if this was from 20 years ago, you won't get the same cover because of age or any possible health issues.

 

You could also speak to an Independent financial adviser, I'm sure you will find one that will give an initial free chat.

 

If I were you havinastella I would put a complaint in, because calls are usually recorded.

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Dotty

 

Thats the document received only other page is acceptance form with questions does he smoke

 

What IFA would be paid ??? so the premium includes payment for IFA ?

 

No health issues

 

Filled online comparison with all details age smoking etc and cover for same amount over 25 years @ £50 ?

 

 

We have Zurich joint policy too god help me if they change that premium think we have spoken about this before Dotty ? Did ask them at that time for copy of original Docs but they never sent it really need to know if that covered critical illness !

 

Zurich has sent me 2/3 letters saying I hadn't paid monthly premium on this one and that they wouldn't cover me anymore however after sending them bank records of payment so they could access payment easily (my bankers gave me a code) they sent letter saying that cover still running - no apology though

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The only way you will find out what is going on is to phone Zurich on Monday. These large Insurance companies are not very good at doing the admin on policies over a long period of time. They make mistakes and I think this may be the case here.

We could do with some help from you.

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If you look at the start date it says 1st April 15 so this doesn't relate to your existing plan.

 

I think it may have come to the end of the original term?

 

They are giving you options to retain cover, without underwriting or take out a new plan which would be subject to acceptance, hence the illustration and options.

 

The advice costs are also an example.

 

The last paragraph advises you to seek advice, yes gets idea's on comparison sites but they can vary so much in the cover provided, especially with critical illness being included.

 

Do you need that amount of cover now and another 24 year plan? Presumably it was to cover your mortgage, what sort of balance do you have now?

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this is a long shot... but if the increase is correct and there are guaranteed premiums offered in 2006, maybe it would be possible to claim back from 2006 as policy was mis-sold? a long shot i know, just suggesting incase it is possible

 

How could it have been mis-sold?

 

The guaranteed premiums option wasn't available when the plan was taken out 10 approx years earlier

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I see Dotty

 

 

I'll make sure he phones tomorrow to check all details but its strange I am almost sure we took policy out in 1997 so that would make a plan that lasted 18 years :| and I definitely didn't take it out in 1995.

 

 

On these figures yes I will definitely have to look for another policy - insurance taken out to give the kids something

 

Our other policy covers mortgage and this cover was for me to have a pot for kids and to keep us afloat funeral expenses etc...

 

Oh my sounds terrible when its written down

 

On price comparison sites like for like cover is as I said @ £50

 

Figures don't add up - term of policy doesn't seem right

 

There is no way they will take new premium by existing direct debit is there ? I best call the bank

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I might have read some information related to a different product, but I think I read that this particular life product has a value at the end of the period you pay into it. i.e you pay in for 20 or 25 years, if you die during the period or suffer a terminal illness it pays out or if you survive for the whole period you get a cash payment at the end of it. There is discussion on forums about this Zurich product where people have been advised that surrendering the policy early, means that you get a small surrender value paid out and because it was so small, people have decided to continuing paying into it.

 

I have never dealt with life products, so you will have to speak to Zurich about this. There are few people on the Moneysavingexpert Insurance forum who are life Insurance specialists and there is some quite good info on that site.

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

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