Insurance premium changed after asking for quote for a different product 27 March 2022 at 11:11AM in Insurance & life assurance 2 replies 81 views

StrictGold5208

I have an existing life insurance policy taken out over a decade ago. I pay a locked premium once a year.

I am buying a property and wanted to see if I could increase the cover, when I contacted the insurer they recommended another product to cover a mortgage and to leave the current policy as it is. I applied for the new product but was rejected due to an illness I have which occurred about five years ago.

I then got a letter saying due to them being made aware of the illness they are changing the premium I pay on the exiting policy. I was under the impression they could not do this. The premium would equal to about 20x more a year and I cannot pay this. Could anyone confirm if this is allowed? 

dunstonh

I then got a letter saying due to them being made aware of the illness they are changing the premium I pay on the exiting policy. I was under the impression they could not do this. The premium would equal to about 20x more a year and I cannot pay this. Could anyone confirm if this is allowed? 

The normal scenario is If symptoms occurred after the original policy was taken out then they should not be taken into account on the original policy.

StrictGold5208

dunstonh said:

I then got a letter saying due to them being made aware of the illness they are changing the premium I pay on the exiting policy. I was under the impression they could not do this. The premium would equal to about 20x more a year and I cannot pay this. Could anyone confirm if this is allowed? 

The normal scenario is If symptoms occurred after the original policy was taken out then they should not be taken into account on the original policy.

So it would be best to make a complaint in the first instance?