Mis-sold life insurance?

catkinsHorse

:(I think I was mis-sold life insurance in 1987. I didnt realise the premiums would rise and the chap who sold it to me was introduced by my solicitor (who was convicted of fraud years later). Is there a template letter on this site to complain to the company? It was a GRE Freedom Policy.
Thanks for any help.
I should say that I still have the insurance but the premiums are about to be raised.

dunstonh

Is there a template letter on this site to complain to the company?

If it was sold in 1987 then it is pre-regulation. If the seller was the company owner and it no longer exists then you cannot complain. Only if he was an agent of GRE could you still complain (and I dont think they have agents)

Raising of premiums is not grounds for complaint. Nor if the fact your forgot they could rise from a conversion had 24 years ago.

catkinsHorse

Thanks for your help (the salesman was an agent of GRE).

magpiecottage

dunstonh wrote: »

Only if he was an agent of GRE could you still complain (and I dont think they have agents)

They did at one time.

McKneff

If you dont want it anymore, because of the imminent rise, just cancel it. Job done.

The money you have paid in up to now has given you life insurance, just thank your lucky stars
that no one had to put a claim in for it and move on.

dunstonh

magpiecottage wrote: »

They did at one time.

I couldnt remember. I didnt recall any in my area.

It does seem strange though that the policy has been in force and only getting its first increase after 24 years. Usually the review point on investment linked plans is year 10 or 15.

Also, we have to remember that a 1987 plan cannot be compared to level term assurances available 20 years later. Even today, whole of life plans can still have investment linking and be subject to reviews. So, its not as if the product is doing something that was always possible.

An accusation of wrong doing with no evidence 24 years after the event is going to be pretty hard to get an uphold decision on.

catkinsHorse

Thank you everyone for your help and taking the time to reply.

PaulCooper

Just a few words of encouragement here, without being too specific. I had an insurance policy, taken out around 25 years ago. I was subsequently allowed to change this to a 'whole of life' policy 17 years ago, the premiums escalated every year.
For various reasons I recently asked them to investigate if my policy was mis sold. They very professionally investigated the policy (please bear in mind the original company had been taken over) and they found it was mis sold and awarded me >£20k.
So time and take overs should not have any bearing on fair play

Yours from a very satified Forum reader