Adults could be entitled to substantial damages from insurance companies
It has been uncovered that since the 1980’s, some life-insurance firms have been selling policies that have been subject to steep increases in premiums that customers pay annually. This has resulted in many customers cancelling their policies, where some of the premiums increased by up to 75% year-on-year.
Whole of life insurance or assurance policies guarantee a lump sum payment to family or beneficiaries when the policyholder dies. Research shows that nearly half of UK adults (43%) with dependents say they have made appropriate arrangements to protect them in the event of their premature death.
The research undertaken on behalf of WLI Claims has also shown that trust in insurance companies by consumers is low, with 50% of UK adults indicating that they don’t trust insurers to act in their best interest.
Ros spoke to lawyer Karl Cameron.
Photo by Colin Watts on Unsplash
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