Life insurance at 66

[T McGibney]

Just received documents showing terms and conditions from Aviva which are different to those attached to our policies in that they do not mention the conversion option and ours do. I also found the illustration that we agreed to back in 2003. See attached pics. I believe I have be mis-sold the policies.

Please advise

How?

You have enjoyed cover throughout the 20 years of the mortgage term. Notwithstanding that you have not had occasion to claim on the policy by suffering premature death or serious illness, it has done what it says on the tin.

 

[vfillafan]

How?

You have enjoyed cover throughout the 20 years of the mortgage term. Notwithstanding that you have not had occasion to claim on the policy by suffering premature death or serious illness, it has done what it says on the tin.

Yes, luckily I have not had occasion to claim but I still would like to have taken advantage of the conversion option as set out in the original illustration.

 

[T McGibney]

Yes, luckily I have not had occasion to claim but I still would like to have taken advantage of the conversion option as set out in the original illustration.

You haven't exercised that option, which expires in September anyway (point 5 of the 6 reasons listed).

You don't appear to have been missold anything.

 

[vfillafan]

You haven't exercised that option, which expires in September anyway (point 5 of the 6 reasons listed).

You don't appear to have been missold anything.

Surely the option exists until the end of the 20 year period and the 5th point is saying that I can extend for no more than another 20 years?

 

[T McGibney]

Surely the option exists until the end of the 20 year period and the 5th point is saying that I can extend for more than another 20 years?

IANAL but that's not my reading of it.

I think the meaning of "within the term of the Plan for a term that does not exceed the original term" is reasonably clear.

Besides, the concept of offering life assurance for a term of up to 40 years doesn't make any commercial sense, as the viability of any term assurance product depends on a high proportion of its holders surviving the length of the term. If you extend that towards 40 years, that proportion will dwindle sharply.