Have you had a whole of life policy at any time since the 1980s? You may be entitled to thousands of pounds in compensation.
Have your life cover premiums ever increased or has the level of cover been reduced?
Is your policy subject to periodic reviews, where the premiums and level of cover may change? You might pay into a whole of life policy for many years, only to have the premium shoot up drastically when you have retired and can least afford it. You may then be left with no choice but to surrender the policy and you may receive back far less than you have paid in.
Whole of Life policies are a complex and costly combination of life cover and an investment savings plan. In some cases, separate products to meet the respective life cover and investment needs could have been more suitable, less risky and incurred far lower costs.
Over time, even seemingly small costs can drastically reduce the value of investments. In many cases, these costs are not necessary and can be avoided.
Whole of life funds are also subject to taxes that are not payable with simpler alternatives.
Simply put, whole of life policies may have been unsuitable for many of those who only required life cover.
Don’t worry if your policy is no longer in force, or if you don’t have all your paperwork – in many cases we can get the details for you.