endowment policy non qualifying if I dont pay increases

Eagle Star wrote to me with their annual 'we have reviewed your endowment plan and advise you to increase your premium etc' letter. I replied,no thanks, not any more, its money down the drain etc. They then replied that the plan is in its final 10 years and any increases apply automatically. I said bugger off etc. I now have an endorsed policy sent to me telling me my plan is non qualifying ie subject to tax! Is this legal? Arent they cheeky b******s? What do I do? Will the Inland Revenue hit me, and if they do whats the tax anyway on a miserly few grand that the plan 'may' produce?

Reply to
steven77
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"steven77" wrote

Did their "premium increases are automatic in last 10 years" feature appear in the policy document you received at inception?

Have you now stopped paying premiums completely?

How many years of premiums have you paid (and what was original term) ?

Reply to
Tim

LAST YEAR

PAID 16 OF 25 YEAR TERM

Reply to
steven77

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