Life & ci

Gregster2406

I took out a policy with an ifa 10 years ago and was given an example of how my premiums may increase.

I have now had my 10 yr renewal in and it is 40% more than the indicative figure I was given.

I find myself in the situation after paying in almost 14k into the policy I find it no longer affordable as it in no way relates to the advice and example given.

Can this be classed as miss selling or wrong advice and would I have a case for compensation or a refund of premiums

Greg

Gregster2406

Sorry he wasn't an ifa he was a financial advisor linked to a particular company. Allied Dunbar at the time now Zurich

ACG

It was well before my time, but the figures are examples based on the figures at the time I believe and can change depending on claim stats at the time.

Its important to review your policies periodically to ensure they are still fit for purpose and competitive on price.

Have you thought about speaking to the same or a new broker to see if there is something more suitable on the market now? In 10 years a lot has changed, some for the better some for the worse but it might be possible to get a policy with guaranteed rates for less than the new premium?

dunstonh

Allied Dunbar were expensive and used unit linked life plans.

Can this be classed as miss selling or wrong advice and would I have a case for compensation or a refund of premiums

If this is the first review, then chances are you have had life assurance cheaper than you should have during that period (relative to what it should have been with them on standard premium). If you are in good health, then you should be happy you havent died or suffered a CI and now get a modern plan.

Allied dunbar were tied agents. They could only offer their own plans. You never bought Allied Dunbar plans on the basis of price. They were damned expensive. Their plans have review points. That is allowed. If you wanted a guaranteed plan they had nothing to offer you.

I took out a policy with an ifa 10 years ago and was given an example of how my premiums may increase.

That is your problem in any complaint. You acknowledge they could increase. AD had no control over the figures you were shown. They were set by the regulator. So, you cant argue they used the wrong info and you cant argue you didnt know they would increase.

Take this as an opportunity to get a new modern priced plan.

roonaldo

Premium increases is not mis-selling.