Zurich Life Ins - increased PCM £36 to £166!!

[Dotty50]

What company is it with?

[Dotty50]

A very reputable company, so as suggested, give them a call on Monday let us know how you get on.

 

http://www.insurancehero.org.uk/compare-life-insurance/zurich.html

 

You will see from this that guaranteed premiums weren't offered until 2006

[Dotty50]

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

[Dotty50]

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.

[Dotty50]

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?

[Dotty50]

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

[Dotty50]

http://www.zurich.co.uk/internet/zurichintermediary/documents/127142.pdf

 

Renewable term & indexation (see page 7) they are simply quoting for the same cover which I guess is what you took out originally but of course you're 20 years older now!

 

I've not read all 24 pages!

[Dotty50]

They shouldn't take any payment but if you cancel it then you know they can't.

 

Let us know how you get on tomorrow, we're all speculating so best get some facts!

[Dotty50]

http://www.comparethenation.com/life-insurance-with-cash-in-value/

 

You read it correctly

[Dotty50]

Yes I did see that you put that it was a long shot and I see where you are coming from with the introduction of guaranteed premiums.

 

The renewal option only becomes available at the end of the original term, not on a annual basis (as far as we are aware at the moment)

 

This option could be very useful for someone who has health issues because it would not require any medical investigations to continue with the cover.

 

I agree that the hike in payments is a lot but it is only if this cover continues on the same basis. There may be other options, like reducing the amount of cover but this is when an expert is needed, who knows the market and is able to consider what the policy holder needs now (20 ish years later) and can compare.

 

Uncle bulgaria said that there are people on MSE that could assist so that's worth checking out.

[Dotty50]

That sounds like a good start!

 

Do you remember how you started the plan/s?

 

If an adviser did them, they will be linked to the plan from outset and take a commission depending on what the conditions were when you started them.

 

If there is an IFA, Zurich should give you the name of them, which may jog your memory.

 

Bear in mind that an adviser could have been in a building society or bank and not necessarily independent.

 

Keep us updated.

[Dotty50]

Allied Dunbar is the correct spelling.

 

I imagine there would have been some sort of incentive for employees to sell and attain targets!

 

We're still in the dark until you have some paperwork so let's hope you get it soon.

[Dotty50]

If you didn't get the letter advising the change back in 2000, I wonder if this would be produced with a SAR?

 

I would still wait until you get something from them to look at.

[Dotty50]

I agree with unclebulgaria, it seems that a formal complaint needs to be sent asap, it will have to be dealt with officially and under strict timescales and guidelines.

 

You mentioned that there wasn't a signature on the 'policy' that they sent. A policy schedule is simply confirmation of the cover you have bought, sum assured, term & repayments etc and it isn't something where a signature would be required.

 

Are you sure you can't find the original paperwork hidden in the attic?!

[Dotty50]

It'll be the one time that hoarding came in useful!

 

Good luck with your mountaineering!