Insurance false selling

fishingmad_ron

I Have had a life plus policy with sun life of canada which I thought became into maturity in December, so I phoned today to ask what the policy would be worth I have just been told that it is only worth just over £6000.
The surrender value on the 6/12/2008 was £8207.98 This was broke down into (1) Surrender value of basic plan £5713.26. (2)siurrender value of revisionary bonuses £2421.51 (3) surrender value of terminal bonuses £73.21 (4) total surrender value £8207.98 That makes it a drop of around £2000.
I have been putting £25.00 Per month into the Policy for 22 years which comes to £6600 How can they get away with it as when I took out the policy I was told that the sum assured was £8308 and I would receive the sum assured + bonuses. I have now been told that the bonuses are not guaranteed and the sum assured was not in the term of the policy.
When I took out the policy I had just left the Army and was a sun life of canada rep for approx 3months so in theory I sold myself the policy with guidence of my superior/experienced colleuges ( I call them this with tounge in cheek) is there any thing I can do or have I put money into a no bonus policy and made myself look and feel a fool?

dunstonh

How can they get away with it as when I took out the policy I was told that the sum assured was £8308 and I would receive the sum assured + bonuses.

Because you havent got to maturity yet and you are being quoted the surrender value. That would see a reduction in the basic sum assured and a potential surrender penalty.

When I took out the policy I had just left the Army and was a sun life of canada rep for approx 3months so in theory I sold myself the policy with guidence of my superior/experienced colleuges ( I call them this with tounge in cheek) is there any thing I can do or have I put money into a no bonus policy and made myself look and feel a fool?

You have no come back as you are the seller. You can complain to yourself

You should be aware of the terms if you have the original illustration or the policy document. They will be clearly shown there and should be able to verify how it was set up.

fishingmad_ron

dunstonh wrote: »

Because you havent got to maturity yet and you are being quoted the surrender value. That would see a reduction in the basic sum assured and a potential surrender penalty.


The way they have got around the maturity is by making it a life+ policy which means that at the end of 22years you stop paying in but as I was informed at the time it keeps running and the bonuses are kept added to or subtracted in my case

McKneff

Is it not true that in all of this time your life has been insured, this has to be paid for too. Life insurance doesnt come free.

fishingmad_ron

Possibly so but at the time I was going to put it into a endoment policy but was advised by my boss to put it into a life+ as it would havea better return