Life Join me - people power can get Insurance premiums fixed

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moneysavvy

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Well, like many couples who took out Life Insurance back in the 80s and hoped they would be able to afford to continue paying the unit linked reviewable premiums as they aged, we too got a big surprise to find how much the Insurance Companies increase the premiums to offer the same or a lot less cover than we started off with. It wouldn't be too bad if there was a reasonable encashment value you could opt for - but many couples have had to cancel these policies with no refund after years of paying to make these Companies even richer. Now these type of policies are prohibited for sale these days - what does that tell you - and the Ombudsman has just conveniently washed his hands of this problem. But I appeal to you like minded people to join me and give the Industry a fight before we all give in to their bullying.
 
I'd admire your spirit. I'm not sure how they work the numbers but my life assurance is reviewed every 5yrs. This yr, on the 5th year, the value of policy fell by 54% since last review!
 
Well Paddy you are one of the lucky ones - anyone in similar position to me like to comment please
 
Please advise which age group you are in or which year you signed up ( me 1980 )
 
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Reviewable whole of life contracts (from what you are saying OP, I think that is what you have), should be removed from the market. They hook people in whilst they are young and then move the goalposts when you are older, leaving many unable to change to something else. Some are lucky to get out with cover and some sort of encashment value, but that is normally what it is, luck. They're are many guaranteed life contracts on the market that are good value, RWOL should be avoided IMO.
 
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