Whole of Life Insurance
I am sorry to hear about your situation. Unfortunately there is very little that can be done. The ultimate source of recourse for financial products is the Financial Ombudsman Service but they would not be able to help you in this case. The reason why is that they cannot force an insurer to issue a new policy. It would seem that your parents were deemed to be too high a risk. Given that premiums were not kept up to date the policy was likely cancelled and another policy would not be issued due to your parents now being a higher risk. I don't think there is anything that can be done about it unfortunately. Sorry I couldn't be of more help.
Will
Director at Drewberry Personal Insurance Brokers.
Tue, 30/03/2010 - 12:19
- Login or register to post comments
- report as spam
Editor's Picks
Vote now on our poll
I feel the financial institutions are screwing us left right and centre
Any which way you turn they seem to be making rules to suit them.
Many moons agi took out a whole of life insurance policy for my Prents from Bradford & Bingley who were an independent IFA. Paid premium for over 10 years. Suddenly was made redundant and froze the premiums. When I restarted the premiums I had to fill in the health questionnaire for my parents. One of them had diabetes.high blood pressure etc, and unfortunately insurance company would not reinstate the policy
Went to the ombudsman, they were useless.
So all the premiums I paid over the years mounted to nothing
Just wondering if anyone has been in a similar situation and was there a remedy?