Dorothea

Dorothea_2

We're an old couple with a double-death insurance policy for £30 000. Recently the insurance company was taken over by AXA and our monthly premium jumped by approximately 75% . We find this difficult to pay. The small print of our policy tells us that AXA are within their rights to make such a dramatic increase in the premium.

Can anyone tell us if we can ease the load in some way?

dunstonh

Can anyone tell us if we can ease the load in some way?

when you say double death do you mean joint life first death or joint life second death or even two single life plans packaged together?

Typically the only time insurers will increase premiums is if you dont have guaranteed premiums. These will be on reviewable, renewable and one some whole of life plans (typically after the 10th anniversary).

The takeover by AXA probably had little or no impact on the increase. You probably hit a renewal/review point. You could get an IFA to give you whole of market advice to re-broker the life assurance or you can do it yourself if you know what you want.