Reassure?Not so sure.

Tipster1963

I have a life/critical illness policy with Reassure taken out in 1988. 3years ago I got a statement saying my premiums of £60 per month covered me for £92000.I have now received a letter from them saying that my premiums are going up to £158 per month for a coverage of £63000. I have rang them. They returned my call only for the lady to say they would ring me back. When she realised why I rang she couldn't get off the phone fast enough.2 weeks later and I have heard nothing. Should my next port of call be the ombudsman?

[Deleted User]

No. Contact them for an update.

However - what is it you want to ask them? And why would the Ombudsman get involved?

Tipster1963

They tried this three years ago and tried to get me to sign a document saying I would accept the drop in amount covered. I had to send the form back within 30days. Needless to say I didn't sign the papers, instead I put it in the hands of a financial advisor. Who got them to admit they were wrong . How many more people are they doing this to?

[Deleted User]

I have no idea.

What are the terms of the policy?

dunstonh

Should my next port of call be the ombudsman?

Why do you think you should contact the ombudsman?

The ombudsman is an independent arbiter of complaints where you disagree with a response to a complaint by the firm. You dont get access to the FOS unless you have been through the complaints process.

Plans in the 80s are woefully obsolete compared to modern plans. They would often have an investment element and required you to hit the target growth rate to enable the premiums to remain the same. However, the target growth rates were based on 60s and 70s level growth and not the lower growth levels we see today. So, these plans inevitably go up in price (or you reduce the sum assured) every time they come up for reviews (usually every 5 years). If you are in good health, then its usually worth moving to a modern plan.