Contract Unilaterally Altered
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Vinuela
Posts: 2 Newbie
Hi all
Not sure if I’m in the right place, please tell me if not.
Approximately 14 years ago, I took out a life insurance policy, I believe I did it online through a major insurance company.
I received policy, paid all premiums on time and received annual confirmation of payments and sum insured.
Today, I received a letter from the insurance company, stating that the sum insured was incorrect and the sum insured is £25,000 not the £250,000 as stated on the policy and annual statements and this sum insured would now be amended.
The policy is due to expire in approximately 9 months on my 65th Birthday, I would really welcome any advice on this, as a little surprised at this.
Many thanks for tak8ng the time to read
Not sure if I’m in the right place, please tell me if not.
Approximately 14 years ago, I took out a life insurance policy, I believe I did it online through a major insurance company.
I received policy, paid all premiums on time and received annual confirmation of payments and sum insured.
Today, I received a letter from the insurance company, stating that the sum insured was incorrect and the sum insured is £25,000 not the £250,000 as stated on the policy and annual statements and this sum insured would now be amended.
The policy is due to expire in approximately 9 months on my 65th Birthday, I would really welcome any advice on this, as a little surprised at this.
Many thanks for tak8ng the time to read
0
Comments
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Whenever you are not happy with your insurance company the route to go down is a complaint in line with their complaints procedure
Then if you are not happy with the reply or they ignore you for 8 weeks you can escalate to the FOS for their adjudication at no cost to you
(Hopefully this will all be irrelevant and you have a happy birthday in 9 months time!!)0 -
Thank you, was aware of Ombudsman but no idea of time scales thank you for your advice0
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Well as you are alive and kicking be grateful that you have not had to make a claim!
Can you tell us your monthly premium?
Depending on what this is - would a reasonable person be able to work out whether it is correct or not?
I would think if it did get as far as the Ombudsman you would win as they have had more than enough time to correct this matter.
Please keep us informed of how you get on.0 -
From your post and the Life Office's response, it seems that this was a simple typing error in the schedule of the policy document which has been carried forward each year and they have only recently picked-up on this.
What would be important with this is what was on the proposal you submitted to the Life Office. What terms did they offer (they may or may not seek further information first) and your agreement to those terms by paying or arranging to pay the first premium. All this forms the contract you have with the Life Office.
The policy document is not a contract. It is written evidence of the contract and must be issued within 30
days of commencement of the policy.
If this was a simple typing error in the schedule as it appears to be, you would have had the correct amount of life cover and would have paid the correct premium throughout.0
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