Miss sold life insurance?

andyfouras

Hi

bought what I thought was ordinary life insurance back in the late 80's.
GRE Freedom policy. It was sold as being flexible, i.e. I could convert it to an endowment, add value and get it to make me breakfast in bed.
Premium and benefits to rise by 5% per year.
Long story short. It was filed and forgotten until I was shifting Banks and realized the premium was twice the amount I had in my head. To compound the error I realised that I had not received any correspondence from GRE in a long time.
Rang GRE (broker has long since gone broke) and was told that they could raise the premiums above the 5% if they felt like it and it was in the T & C's when I took out the policy.
I can remember the Guy who sold me the policy extolling all the good things, 35% commission for the first three years can do wonders for how the sale is slanted, but I can not recall him telling me that I could end up paying more than the 5% extra.

Any comments advice appreciated

dunstonh

Hard to be mis-sold life assurance.

bought what I thought was ordinary life insurance back in the late 80's.

When in late 80s. Important as regulation on investment products didnt start until 1988. FSCS didnt start until a bit later either.
What do you mean by ordinary life insurance (sic)?

I can remember the Guy who sold me the policy extolling all the good things, 35% commission for the first three years can do wonders for how the sale is slanted, but I can not recall him telling me that I could end up paying more than the 5% extra.

The broker is not there to read every single bit of the T&C to you. Just key bits. Depending on when in the 80s this was, it would depend on the level of data given.

What does your documentation say?