Whole-of-Life Decision Reference 2022-0091

Case OutcomeRejected
Subject MatterWhole-of-Life
Reference2022-0091
Date11 March 2022
Finantial SectorInsurance
Conducts Complained OfDelayed or inadequate communication,Premium rate increases , Results of policy review/failure to notify of policy reviews
Decision Ref:
2022-0091
Sector:
Insurance
Product / Service:
Whole-of-Life
Conduct(s) complained of:
Delayed or inadequate communication
Results of policy review/failure to notify of policy
reviews
Premium rate increases
Outcome:
Rejected
LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN
The Complainants incepted a dual life unit-linked whole of life policy with the Provider on 1
October 1987.
Following a dispute with the Provider concerning a policy review, the Complainants referred
the matter in early 2001 to the Insurance Ombudsman at that time.
The resultant Decision - Reference No. xxxx30L of the Insurance Ombudsman of Ireland in
April 2001 provided the following:
“… in the event that the Complainants decide to leave the fund value of £1,113 in the
policy the Company guarantee:
A death benefit in amount IR£29,993.00 (Male) IR£23,500 (Female)
A fixed Premium (per month) IR£61.35 (the current Premium)
In the Complainants’ case the death benefit and the premium (as outlined above) will
never be reviewed and will never by varied (by the Company)”.
The Complainants wrote to the Insurance Ombudsman on 1 May 2001 to advise that they
accepted its decision to continue with the policy on a fixed premium basis, in full and final
settlement of the complaint at that time.

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