Whole of life insurance reduction

zcrat41

Hello,
We had a letter from Prudential today informing us of a fairly significant reduction on our whole of life insurance product we have been paying into from 15 years.


We will of course dig out the paperwork to see what the t's&c's say but we certainly don't remember being informed of these "review dates".


Anyone else come across it?


ZC

Nearlyold

Yes reviewable Whole of Life was very common at one time often called Flexible Whole of Life or similar marketing terms. First reviews were usually after 10 years then more regularly after that.

zcrat41

We're 15 years in Nearlyold.

rs65

I'm sure there have been threads on here about insurers missing a review, benefiting the policyholder.

dunstonh

We will of course dig out the paperwork to see what the t's&c's say but we certainly don't remember being informed of these "review dates".


Anyone else come across it?

When you buy whole of life assurance, you get the choice of guaranteed or reviewable. Reviewable are typically cheaper initially. Most have their first review point at year 10 or 15. Then 5 years thereafter.

Most reviewable plans have seen the premiums increase (or sum assured reduced) on review as investment returns for the last 15 years have not matched the expected levels.