Whole-of-Life Decision Reference 2022-0091

• Case Outcome: Rejected
• Reference: 2022-0091
• Date: 11 March 2022
• Year: 2022
• Subject Matter: Whole-of-Life
• Finantial Sector: Insurance
• Conducts Complained Of: Delayed 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.