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Whole of life insurance reduction

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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

Comments

  • Nearlyold
    Nearlyold Posts: 2,380 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    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
    zcrat41 Posts: 1,799 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    We're 15 years in Nearlyold.
  • rs65
    rs65 Posts: 5,682 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Combo Breaker
    I'm sure there have been threads on here about insurers missing a review, benefiting the policyholder.
  • dunstonh
    dunstonh Posts: 119,697 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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