News

Woman claims Zurich Life wrongly canceled her critically ill husband’s EUR 1 million life insurance policy

blank

A businesswoman claims Zurich Life wrongly canceled her critically ill husband’s €1m life insurance policy, on which she has paid more than €500,000 in premiums over the past 32 years.

Armel Ryan, from Oaklee, Model Farm Road, Cork, says she was never contacted by Zurich Life Assurance plc before canceling the policy a month and a half after missing the €4,868 monthly premium due to a temporary lack of funds in the couple’s bank account .

Zurich now says she will only reinstate the policy if her husband Sean Ryan takes out a new policy. Ms Ryan says her husband is seriously ill and would not meet the underwriting criteria for such reinstatement.

It has sued Zurich, Frascati Road, Blackrock, Dublin and its brokers SYS Mortgages DAC, Quintins Way, Pearse Street, Nenagh, Co Tipperary.

The case was admitted to the expedited commercial court by Mr Justice Denis McDonald on Monday following agreement between the parties.

In her lawsuit, Ms. Ryan alleges that monthly direct debit payments to Zurich have been made since May 1990 from an account used for very limited purposes, including the payment of premiums.

The monthly premium due on September 1, 2021 was not collected because, due to an administrative error and by mistake, there was “a temporary account deficit”, according to an affidavit.

The policy provides a grace period of 30 days in the event of a missed payment. Ms Ryan says Zurich claims she wrote to her twice about the missed payments in September 2021 and canceled the policy the following October 18. She says she never received those letters.

Zurich, she says, also alleges that she tried to contact her broker, but due to a “systemic or administrative error” on the part of one or both defendants, the information was not submitted to SYS Hypotheken.

Zurich refused to reinstate the policy, denied liability in writing with her attorney, and subsequently filed suit.

She says she has paid €568,643 in premiums to Zurich over the past 32 years and she expects it to be worth €1,064,798 when her husband dies.

She is seeking explanations and orders, including that the termination was in breach of contract and that the policy is valid and surviving, and damages.

https://www.independent.ie/irish-news/courts/woman-claims-zurich-life-wrongly-cancelled-her-gravely-ill-husbands-1m-life-insurance-policy-41496217.html Woman claims Zurich Life wrongly canceled her critically ill husband’s EUR 1 million life insurance policy

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button