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UK legal, insurance, employment, benefits, statutory services Advice offered by HDA Moderators relates to current UK law or guidelines

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Old 07-07-08, 07:11 PM   #1
Sue
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I need some advice. I took out a policy with Scottish Widows in 1999 whereby if I died, my mortgage would get paid off. The application I completed at the time did not ask any questions to which I had to indicate that I was at a 50/50 risk of inheriting HD so I did not tell any porkies. However they obviously contacted the GP and received something that told them I was an increased risk for them to take on. They therefore agreed to go ahead but my premiums were doubled for the first ten years. I have recently undergone the testing process and was lucky enough to get a good result. As I am still paying the higher premium until March 2009 I thought I would give them a call to invite them to contact my GP to receive confirmation of my result and hopefully reduce my premiums straight away as I am no longer the risk I was to them. They have refused to entertain this saying that the agreement stands as it did when I first took it out. Has anyone come across this before and is there anything I can do?
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Old 08-07-08, 06:59 PM   #2
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Hi Sue,

Sorry I don't know the answer to your question.
I just didn't like you to think your Q had gone unoticed..
I hope someone else can answer it for you.
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Old 08-07-08, 10:59 PM   #3
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Hi Sue

You may find this link useful, it takes you to the Association of British Insurers website where you can download their booklet 'Genetic Tests and Insurance: What you need to know'

http://www.abi.org.uk/Bookshop/default.asp#Genetics

There are some useful organisations listed at the end who may be able to give a more individual response to your situation.

Best wishes

Ruth
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Old 08-07-08, 11:02 PM   #4
DH
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Sue, I know it's jumping the gun a bit but this is something I may have to deal with in my family at some point, so I've logged an enquiry with the Financial Services Authority to see what they have to say about it. The standard reply e-mail says they give themselves up to 12 working days to answer so I'll post back as soon as I hear anything.
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Old 09-07-08, 06:32 AM   #5
Sue
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Thanks to all who have sent a reply - some useful thoughts/ideas. Will let you know how I get on xx
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Old 09-07-08, 06:45 AM   #6
Sue
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DH

Thanks for taking the trouble to ask that question. I must admit I always assumed that if I got a good result the premium would decrease but that's just logical thinking for you!

Sue
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Old 09-07-08, 01:52 PM   #7
DH
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Sue,

On mentioning the insurance query to another colleague it turns out they know someone who works in the Financial Ombudsman's Office. E-mails have been exchanged and so far this is the response:

Quote:
Hi D,
............. [Salutations and all that].......

Insurance is not really my field but I will make some enquiries for you, however I believe the situation is that the insurance company is correct in maintaining the higher premiums. Generally when you take out an insurance policy the risk is assessed at the time of the proposal and the premium is agreed at the time and wont change even if the circumstances change.


It can work the other way too. If for example some years after the policy was taken out, the policyholder became a higher risk then we wouldn't expect the insurance company to raise the premiums.


The person in the example could try to get a quote for a new policy though, rates have generally come down over the past few years and there is more competition plus if she is a lower risk now she might find she can get a lower premium even though she is 9 years older.
Hope this helps but I will still get back with any official response from the FSA. I have to say though, the answer sort of confirms my initial reaction when I read the problem - obviously with the proviso that none of us have read the small print in your original contract. Maybe you could contact an Independent Financial Adviser?

D
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Old 09-07-08, 11:10 PM   #8
Sue
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Thanks DH you've been very helpful. I think it may be an idea to shop around to see if I can get a better deal now that the threat of HD has been removed for me and my family.

Take care x
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