Sir, - How do insurance brokers and companies expect the public to have confidence in their products when they are unwilling to deal with queries about them?
According to the policy schedule for my life assurance policy with a major insurance company, 96.5 per cent of the premium should be allocated to the investment account each year. This has not happened. For example, in 1991 only 89.42 per cent of the premium was allocated to the investment account. Both the broker and the insurance company refuse to give any explanation. Furthermore, the insurance company will not allow my questions to be sent to the insurance ombudsman, because the problem arose before the ombudsman's office was established.
What chance do ordinary individuals have in their dealings with some of the large financial organisations? - Yours, etc.,
Michael Tobin, Rosscarbery, Co Cork.