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  • FIRST POST
    • Mr_Frugal
    • By Mr_Frugal 11th Nov 17, 7:51 PM
    • 263Posts
    • 44Thanks
    Mr_Frugal
    Wesleyan Income Protection Plan (Permanent Health Insurance)
    • #1
    • 11th Nov 17, 7:51 PM
    Wesleyan Income Protection Plan (Permanent Health Insurance) 11th Nov 17 at 7:51 PM
    I have an income protection policy (originally with Phoenix Life but I believe it has been bought out by someone else now).

    I was sold this policy by an advisor from Wesleyan (when I took out an endowment policy for my mortgage back in 1999).
    The advisor recommended the policy to protect against loss of income should I be off work for a prolonged period of time.

    I am wondering whether this policy would qualify for PPI ?
    I cannot see Wesleyan on the list of providers that Martin publishes on the website nor on the tool that he provides to draft a letter are they listed in the drop down box.

    1) how can I find out if they are included or not - thought about ringing Wesleyan but whilst they introduced the plan to me (called the 'Wesleyan PHI Plus' it is actually another company that provide it - so unsure whether to contact Wesleyan or the provider ?
    2) if it is likely that I could claim, how do I write the draft letter with Martins draft letter tool if Wesleyan are not included in the drop down?
    3) I am considering cancelling this policy because on looking at it, it actually provides next to nothing, is pretty useless and is costing me £50/month !
    Should I cancel now and then put in a claim form (assuming I can claim on this) or should I continue to pay whilst I claim then cancel once claim paid ?

    Many thanks,

    Mr F.
Page 1
    • IAmWales
    • By IAmWales 11th Nov 17, 8:15 PM
    • 1,680 Posts
    • 3,465 Thanks
    IAmWales
    • #2
    • 11th Nov 17, 8:15 PM
    • #2
    • 11th Nov 17, 8:15 PM
    Poor value does not meet it was missold. You don't tell us why you believe you were missold?

    You don't put in a claim form, you are not making a claim. You are making a complaint, although at present it's not clear what your grounds are.
    • dunstonh
    • By dunstonh 11th Nov 17, 8:57 PM
    • 89,603 Posts
    • 56,093 Thanks
    dunstonh
    • #3
    • 11th Nov 17, 8:57 PM
    • #3
    • 11th Nov 17, 8:57 PM
    I am wondering whether this policy would qualify for PPI ?
    No. Nor does your home insurance or car insurance.

    I cannot see Wesleyan on the list of providers that Martin publishes on the website nor on the tool that he provides to draft a letter are they listed in the drop down box.
    You wouldnt do. Not every insurance policy is PPI. Only PPI is PPI.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Mr_Frugal
    • By Mr_Frugal 11th Nov 17, 9:46 PM
    • 263 Posts
    • 44 Thanks
    Mr_Frugal
    • #4
    • 11th Nov 17, 9:46 PM
    • #4
    • 11th Nov 17, 9:46 PM
    Thanks dunstonh - that'll certainly save me a lot of unnecessary work.
    What classes as PPI then ?

    The FCA website says:-

    Product names to look for
    As well as ‘PPI’ or ‘payment protection insurance’, your paperwork might include other names for PPI and similar products, such as:

    accident, sickness and unemployment (ASU) insurance
    account cover
    credit insurance
    credit protection
    loan care
    loan insurance
    loan protection
    loan repayment insurance
    mortgage payment protection insurance (MPPI)
    payment cover
    protection plan


    As my policy is a sickness/unemployment insurance I thought it would have qualified. How does it differ ?


    Thanks,

    Mr F.
    • Moneyineptitude
    • By Moneyineptitude 11th Nov 17, 9:54 PM
    • 18,751 Posts
    • 9,996 Thanks
    Moneyineptitude
    • #5
    • 11th Nov 17, 9:54 PM
    • #5
    • 11th Nov 17, 9:54 PM
    I thought it would have qualified.
    Originally posted by Mr_Frugal
    You need to understand that you can complain about ANY insurance or financial product if you have valid reasons for doing so. However, you can't make a PPI complaint unless you actually have that insurance.

    Not every insurance was PPI and not even every PPI policy was mis-sold. That's why many genuine PPI complaints are rejected.

    In other words, you cannot complain about insurance simply because it was PPI.

    In order for any insurance to be refunded you have to show it was mis-sold to you.

    What VALID complaint reasons do you have about your Income Protection Policy?
    • dunstonh
    • By dunstonh 11th Nov 17, 10:12 PM
    • 89,603 Posts
    • 56,093 Thanks
    dunstonh
    • #6
    • 11th Nov 17, 10:12 PM
    • #6
    • 11th Nov 17, 10:12 PM
    What classes as PPI then ?
    PPI stands for payment protection insurance. That is the generic name. Some providers will deviate from the generic name when they market a product.

    You have PHI. Permanent health insurance. That is actually the generic name. It is issued by a different type of insurance company to PPI (life assurance companies rather the General insurance companies). PPI falls under the short term insurance side of the FCA rulebook. PHI does not.

    Other differences are PHI does not cover unemployment. PHI is long term (can pay out to end age - typically retirement) and PHI is underwritten at point of sale. Unlike PPI which is done at point of claim. There are no eligibility issues with PHI. You dont even have to be working. A housewife can have PHI.

    PHI is regarded as one of the most important insurance policies an individual can have.

    As my policy is a sickness/unemployment insurance I thought it would have qualified. How does it differ ?
    PHI does not cover unemployment.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Mr_Frugal
    • By Mr_Frugal 11th Nov 17, 10:36 PM
    • 263 Posts
    • 44 Thanks
    Mr_Frugal
    • #7
    • 11th Nov 17, 10:36 PM
    • #7
    • 11th Nov 17, 10:36 PM
    Thanks Moneyineptitude.

    I was thinking of the Plevin rule that Martin refers to as it would appear that Wesleyan have taken a payment for introducing the insurance.

    I literally have no idea as to whether I have a legitimate 'claim' or not but would like to test it without having to resort to one of these PPI firms.
    As I don't know whether I have the right to claim I don't know how to go about that checking exercise myself...hence the question.

    How do I ascertain whether this is eligible for Plevin ?


    Thanks,

    Mr F.
    • Moneyineptitude
    • By Moneyineptitude 11th Nov 17, 10:58 PM
    • 18,751 Posts
    • 9,996 Thanks
    Moneyineptitude
    • #8
    • 11th Nov 17, 10:58 PM
    • #8
    • 11th Nov 17, 10:58 PM
    How do I ascertain whether this is eligible for Plevin ?.
    Originally posted by Mr_Frugal
    Plevin only applies to rejected PPI complaints.

    You don't have PPI.

    You therefore can't have a PPI rejection.

    Just for information, Martin Lewis sold this website some time ago and he hasn't provided any third party complaint "tool".

    For now the third time of asking; What VALID complaint reasons do you have about your Income Protection Policy?
    • dunstonh
    • By dunstonh 12th Nov 17, 2:56 PM
    • 89,603 Posts
    • 56,093 Thanks
    dunstonh
    • #9
    • 12th Nov 17, 2:56 PM
    • #9
    • 12th Nov 17, 2:56 PM
    I was thinking of the Plevin rule that Martin refers to as it would appear that Wesleyan have taken a payment for introducing the insurance.
    Most Weslayn stuff was put in place by their own agents. Wesleyan are a provider. It is their own product. They dont pay themselves for introducing the insurance.

    Plevin applies to PPI that was linked to a credit agreement regulated under the consumer credit act. PHI has nothing to do with Plevin.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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