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Have you ever been mis-sold life insurance? You would be owed THOUSANDS
Jun
Reading Time: 4 minutes
Have you ever ever cancelled a life insurance policy since the monthly premiums increased unexpectedly? If that’s the case, you may be owed tens and even lots of of hundreds of kilos in compensation. It is because you will have been the victim of mis-sold life insurance.
Have I got a claim?
In recent months, it has come to light that several well-known UK insurance firms have mis-sold a certain kind of life insurance to customers. In doing this, they hid the very fact monthly premiums could be increased substantially, and for a lot of, the worth increases have been astronomical.
This forced many purchasers to cancel their policies resulting from the monthly payments becoming unaffordable. After cancelling, the cash put into the insurance policy was lost, together with the comfort of knowing family members would receive a payout upon the policy holder’s death.
How can I get my a reimbursement?
That is clearly unfair, but WLI Claims may also help. Arrange by a number one UK law firm, WLI Claims is working on a no-win no-fee basis to assist those affected claim compensation from their insurance firms.
No-win no-fee means just that; you won’t must pay for any costs or fees unless you win.
When you or someone cancelled a life insurance policy resulting from an unexpected rise in premiums, click here. Enter a couple of easy details and WLI Claims might be in contact.
The origin of WLI Claims
WLI Claims was born from an experience that could be just like yours. A mis-sold life insurance policy, hundreds of kilos lost and feeling wronged.
“Quite a lot of years ago I took out a life insurance policy with a widely known life insurance company. I did this to support the financial way forward for my family – in any case, the policy was guaranteed to pay out on my death so long as I maintained my monthly payments. Having passed through the documents, I signed up with the understanding that my monthly payments would remain consistent during my lifetime and that my family could be paid once I died.
“Sadly, I used to be mistaken. After ten years of paying for the policy, I noticed that the monthly payments began to extend. Little by little initially, so I didn’t really pay any attention until I finally noticed that that they had significantly increased from the unique figure quoted. Despite being a retired solicitor and reading the documentation rigorously, I had not noticed anything within the sales material to suggest that after numerous years my monthly premium payments would go up yearly as I got older.
“Once I queried this, I used to be informed that if I made a decision to cancel my policy, I’d lose virtually all the cash I had paid to this point. And moreover, if I wanted to keep up the monthly premium on the previous rate, the guaranteed pay out on my death could be adjusted and it will be only a fraction of the quantity I had agreed. Briefly, unless I continued to pay ever-increasing monthly premiums, I’d lose virtually every part that I had paid the insurance company and my family would lose the financial security I intended the policy to offer.
“I felt trapped and let down. After some serious thought, I made a decision to cancel the policy because I realised that the premiums were becoming unaffordable. After I cancelled my policy, I couldn’t shake the sensation I had been wronged and was the victim of an injustice. My wife encouraged me to not take this lying down and I began legal motion.
“I discovered that:
- In practice, such a life insurance had little or no likelihood of ever being paid out.
- Policies were marketed and sold at enticingly low monthly premiums with the intention to get the purchasers within the door.
- Customers were rarely given any warning about how the premiums would rocket – and proceed to rocket – as they got older – just once they and their families really needed the protection of life insurance.
“The legal proceedings were long and drawn out. It was also expensive and stressful to tackle a multi-billion-pound insurance company. Nonetheless, I worked with a really talented and driven team and, after three long years and just weeks wanting going to court, the insurance company agreed to settle out of court. Through this settlement, I received compensation from the insurance company to the tune of several lots of of hundreds of kilos.
“Although I felt vindicated, our research showed that there are likely lots of of hundreds of other innocent policy holders who’ve found themselves in an identical position over the previous 30 or 40 years. Lots of these people cancelled their policies because the premiums became unaffordable and, in doing so, lost almost every part that they had paid towards their life insurance product.
“The more I looked into this, the more troubled I became by the behaviour of among the UK’s most trusted insurance brands. What soon became apparent was that industry-wide, insurance firms were benefiting from their customers who, individually, didn’t have the flexibility to fight back. This had to vary. I spoke to the team who I worked with on my case and asked if something may very well be done about this wrongdoing.
“And thus, WLI Claims got here into being. Working on a no-win, no-fee basis, WLI Claims is making it easy, protected and stress-free for those – or the family members of those – who’ve cancelled life insurance policies resulting from an unexpected rise in premiums to secure the compensation they deserve.”
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