As a life insurance policy ages, it is common for the premiums to increase, meaning what you can afford to pay today may be unaffordable to you in five or ten years’ time. If you were not properly informed of how much your life insurance policy would increase as it matured, you may have been mis-sold your life cover.
In fact, thousands of people in the UK are mis-sold life insurance each year, either by being sold a policy that was inappropriate for their individual circumstances, or being inadequately informed about rises in premiums. If you believe that this may have been the case, there are several actions that you can take attempt to reverse the financial damage and claw back some money that you may be owed.
Start acting now
If you are struggling to pay life insurance premiums now, as the premiums will only increase, it is likely that they will become unaffordable in the future and will eventually result in you losing all the money you have invested in.
To prevent this frightening situation from occurring it is essential that you act now. Start acting now by claiming back, not only the premiums you have already paid whilst keeping hold of your life insurance cover, but also to receive compensation for your financial loss.
The first thing to do if you think that you have been mis-sold life insurance is to make a complaint with the insurer themselves. Due to new legislation set out by the Financial Services Authority, the UK’s leading body that regulates all the financial service organisations throughout the country, the response you receive to your complaint has to be the final one.
Seek help from a professional
If you suspect you have been mis-sold life insurance as you were not made aware that your premiums would increase, the first thing that you should do is to seek the advice of solicitor. Your solicitor, or claims lawyer, will then review your case carefully and look over all the copies of the life insurance policy you were given to determine whether there were any loop holes in the investment.
If your solicitor believes that you have a strong case, they will forward the case to your life insurance provider on your behalf. Your solicitor will give the insurance provider an allocated time to respond and if they fail to respond within this time, the lawyer acting on your behalf, will bring the case to the small claims court. Your solicitor will defend your case in court.