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My father in law took out a joint Save & Prosper Protection Account with his late wife, back in the late eighties. The sum assured being £300k for a monthly premium of £85. He has made all payments on time. Now the insurers are trying to massively (like £3k pcm) increase his premium or massively reduce the policy benefit (£7K).

Is this legal / normal? The Ts & Cs from the inception allow for review of the policy annually but such increases are surely taking the mick.

Do the UCCTR apply even though the policy was in force when they were enacted?

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Hello there.


Have your parents kept their policy document/policy schedule? This could be an index-linked policy where many people didn't understand when they took out the policy that premiums could be reviewed and adjusted.


A copy of the policy terms would be very useful to help us advise.



Illegitimi non carborundum




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Thread moved to appropriate forum for you.



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Thanks for moving the thread Slick


Please find enclosed Ts & Cs There is a mountain of other documents, I'll try to find what else is of use.

The policy was taken out with the express intent of covering Inheritance Tax liability and pays out on the death of the last survivor.


From my reading of S2a the policy will pay out the Selected Sum assured (£300k) until the first review (long past) then the Guaranteed Sum Assured (£25K ish) after that. Is that normal for this kind of policy?


Would the UCCTR apply to this contract retrospectively?


Many thanks


Terms & Conditions.pdf

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