The Policyholders Fight Back
Congratulations to Vincent Cunningham, who has succeeded in taking his life assurance company to court and winning compensation from them for their underperforming product.
This is reportedly the first case of its kind.
Cunningham has successfully sued Friends Provident for compensation on the shortfall on his policy, even though he failed to make a claim within three years of receiving a 'red warning letter' notifying him of a potential shortfall.
He was awarded £1500 by Reigate county court.
It should be noted that the case does not set a legal precedent, because it was heard in a county court. However, it could have implications for the thousands of hapless endowment policy holders who have been told they had run out of time to make a claim against their endowment providers.
As such, the case may encourage others to take a stand against the life assurance companies who are trying to impose their own time bar.
Where one leads, others will follow!
Here is the judge's ruling Vincent Cunnignham vs Friends Provident.