Unit Linked Whole-of-Life Decision Reference 2022-0371

• Case Outcome: Rejected
• Reference: 2022-0371
• Date: 29 November 2022
• Year: 2022
• Subject Matter: Unit Linked Whole-of-Life
• Finantial Sector: Insurance
• Conducts Complained Of: Results of policy review/failure to notify of policy reviews

Decision Ref:

2022-0371

Sector:

Insurance

Product / Service:

Unit Linked Whole-of-Life

Conduct(s) complained of:

Results of policy review/failure to notify of policy

reviews

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns an increase in monthly premiums on a life assurance policy held by

the Complainant in respect of her late husband.

The Complainant’s Case

The Complainant was the holder of a unit linked whole of life policy on the life of her

husband (the “Life Assured”) held with the Provider. The Complainant incepted the policy

in 1993.

The Complainant has submitted a copy of some of the annual benefit statements showing

certain details in the years identified, as follows:

1) 2013 monthly premium €68.08, with life cover €61,567

2) 2017 monthly premium €82.76, with life cover €74,835

In May 2018 the policy was reviewed by the Provider and the Complainant was given the

following options

1) 2018 monthly premium €185.11, with life cover €78,577

2) 2018 monthly premium € 86.90, with life cover €45,977

Or:

3) “Transfer the current level of life cover to a level term policy expiring before the “Life

Assured’s 90th Birthday. Medical evidence will not be needed”.