Life insurance terms

Checkins

I have life insurance with critical illness and PPI. When I moved house I tried to change the terms. I was told I wasn't able to, I have since discovered that they should have allowed this. I have contacted them and they have admitted this should have been allowed and I was missing informed. They have opened a complaint, what could I expect the outcome to be. The policy can now longer be changed by me as it will expire within 5 years but when I contacted them in 2015 this was not the case.

-taff

You'll have to wait and see.

dunstonh

When I moved house I tried to change the terms. I was told I wasn't able to,

In some cases, plans have a guaranteed insurability option. However, it needs to underwritten again and repriced. In most cases, it is better to take out a new plan. Especially as prices for life assurance have fallen.

They have opened a complaint, what could I expect the outcome to be.

Being told the wrong information is wrong. However, it depends on the outcome. The newer policy could be cheaper/better. In which case you would get nothing. Unless you didnt take out a new policy. In which case they have nothing to compare with. In which case they may adjust the terms for the remainder of the term and not ask you to pay the back payments.

In reality, there are multiple options open to them and they may just offer a small goodwill gesture for the error and not offer you revised terms.