Negative life insurance payment

AEROBICQUEEN

I am completely gutted. I took out a Flexible Savings Plan in March 1996, paying £30 a month, increasing the amount by £3.00 each year, until the tenth anniversary, whereby after that the montly amount stayed the same for the last three years (at £60 per month). We received a letter from Reliance Mutual at the end of March advising that the total amount payable would be £6262.41 - what a joke. I rang them and asked how they had come to this and they said they would investigate and get back to me within the next two weeks. I have now received another letter advising that, the Personal Financial Analysis completed when we agreed to take out the policy, confirmed that we discussed our attitude to risk with their rep and that we agreed this was"medium". This indicated that we agreed we were prepared to take some risk with our investment. Our policy invested in the Reliance Managed Fund. This is a medium risk fund so the level of risk associated with investing matches our agreed attitude to risk. They have now advised, that due to charges on certain policy types, premium levels were higher than would have been appropriate when our policy commenced so that have given us an additional £350 for this - making a total due to me of £6803.88 - whoopido!! After roughly calculating what I have paid in over the years (this policy was taken out as a savings plan for my two daughters to pay out when they were respectively 18 and 21 - which is this year) even working out at a measly 2% interest - the total I had hoped to receive should have been at least £8,500. I seem to think this fund has been badly managed and all my hard earnt savings have gone to waste. Has anyone got any advice or help on how I can get some of my money back or what I can do to bring them to justice on this - any help much appreciated .

dunstonh

I seem to think this fund has been badly managed

What is your evidence of that?

and all my hard earnt savings have gone to waste.

It isnt savings. It is investing.

Has anyone got any advice or help on how I can get some of my money back or what I can do to bring them to justice on this

They have done nothing wrong. It was just unfortunate timing (market crash last year being the real killer) and the fact you used a low quality product.