Fraudulent Assurance Policy???

T

The Crusher

Guest
In March 2001 my wife took out an Assurance Policy on my life with a major Insurance Company. To our horror we were notified in 2011 that the policy was subject to a 10 year review (we have since found out that this is now on an annual review basis) The options in 2011 meant that the premium would almost double or the benefit would nearly half.

This review was never pointed out to us by the seller when the policy was being bought. When requested, we recieved a copy of the original proposal form, I noted that my signature had been fraudulently signed by someone unknown to me. I put our case to the Financial Services Ombudsman, only to be told that while this matter has only come to light now, because the policy is more than 6 years old they could not help us.

I would like to hear from anyone who has had a similar experience or can offer any advice.

Many thanks

The Crusher.
 
Were you dealing with the insurance company directly or an agent or broker?

There seems to be two issues here: -

(1) You were not aware of the review clause.

(2) Someone forged your signature, although you did intend to take out a policy.

When you approached the Financial Services Ombudsman, had you already made a formal complaint to the insurance company or agent in question? My understanding is that you must do this before referring on to the Ombudsman. What was the outcome?
 
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