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.