I am having a battle with an insurance company who are robbing me blind.
About 45 years ago, just after moving from Sydney to Melbourne and buying a house, my sons were about to start school and my daughter was born. My wife suggested that I should get life insurance to protect her and the kids if anything happened to me. There was a company in Gippsland that offered a Private Pilot's Insurance product, as most companies steered away from PPL holders. I took out a policy which covered whole of life, ie, payable only on death.
After paying premiums for over 45 years, and my kids over 40, and mortgage paid off, my wife and I decided that it was getting too expensive to keep increasing the policy in line with CPI and froze the payout at the figure at the time. However, despite a fixed payout, the premiums continued to increase. Then my wife passed away in 2022, so the beneficiaries are the kids. But the monthly premium is now 25% of my monthly pension, and I will get nothing back myself. I worked out that if I ceased paying the premiums and banked the amount with no annual increase, I would save the payout amount in 7.25 years, even less with interest.
I explained this to the insurance company, saying I have only the pension as income and rely on it to live. They said they had to keep increasing the premium to pay for additional costs due to my aging. I told them that was utter bullshit as they acknowledged that the payout was frozen. They said I could cancel the policy, but I have asked them to confirm this would result in forfeiting any payout and I am waiting on their reply. I told them that while what they are doing may technically be legal, it is morally unacceptable. I said they had worse morals than an online scammer.