Elizabeth Geals, 93, still shudders when she thinks about the moment she opened the letter from her insurer. The despair she felt when she realised that Aviva was telling her she would need to start paying £11,240 a year for her life insurance policy has not gone away.
For 30 years she had been paying £1,819 a year for a policy that will pay £90,000 to her son and grandchildren when she dies.
“I saw the letter at the end of May, which only left me three weeks to pay the extra money wanted. It was a bit of a shock,” said Geals, who lives in Inverurie in Aberdeenshire.
Geals cannot remember being told when she took out the policy that her premiums could increase.
