Complainant would have surrendered the policy and taken out an alternative cover

The business did not carry out a review at the correct time and inform Mr & Mrs Gill of the current policy value. If they had carried out the review, Mr & Mrs Gill would have taken out alternative life cover at this point.

Mr & Mrs Gill should be redressed for any potential loss by comparing the premiums they actually paid to premiums not including life cover. The actual surrender value should also be compared to a notional surrender value for a policy that would not have had life cover. Any loss should be refunded to Mr & Mrs Gill.

Related Topics

Whole of Life Policy Cases
Initial Entry Screen
Actual Adjustment Set
Notional Adjustment Set
Main Entry Screen
Comparison Screen