Combined Insurance Company of America?? Pls advise

My mate has been offfered an accident hospital benefit plan from Combined Insurance
think he says its £10 a week or £10 a month something like that and if he is off sick they will pay him £70 per day... what do you know about this company.

My friend is a carer for his disabled father, so if my friend was hospitalised for a period of time , would they pay him £70 per day? as he not effectively working..?


Thanks
«13

Comments

  • mattymoo
    mattymoo Posts: 2,417 Forumite
    This seems to be the plan - http://www.combinedinsurance.co.uk/Accident_Hospital_Benefit_Plan.html

    I think the crucial word is accident. No doubt dunstonh will be along to explain better but a simple illness will not result in a pay out as I understand it.
  • james2005
    james2005 Posts: 299 Forumite
    What are they like etc?
  • dunstonh
    dunstonh Posts: 116,044
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    in a word. AVOID.

    These are cash cows for the insurance company. For £10 he is better spending it on real income protection and use a PHI policy instead.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • rcrow
    rcrow Posts: 2 Newbie
    Dear Dunston, as an IFA you will have no access to Combineds products so hardly makes you qualified to advise. FSA Directive "only advise on products you have been trained on". Some history of the company, they were formed in 1919 so to still be trading says a lot. In 2006, they paid in excess of £800,000 in benefits each and every day. Not bad I would say.
    There is not anything misleading about the policy as it is called the "Accident Hospital Benefit Plan", therfore covers accidents only, which is how it would of been sold. As the company provides the same cover for sickness it would be pretty pointless to mis-represent.
    The policy is one of the few that pays with no waiting period and covers any conceivable accident from stock car racers, motor bikers, rugby, football and the day to day self employed, to which there are not many policies that do infact cover ANY accident with no waiting period.
    I have worked for the company for 6and a half years. Along the way I have helped hundreds of people make claims to which they were very gratefull, and in some cases without the benefits paid would of lost everything. I can honestly say that in my time with the Company I have never had a claim turned down by one of my customers, and in some cases we have paid claims that we didnt have to as no more than a goodwill gesture!
    I am not interested in people contacting me for cover, I have actually only registered to put right others' short-comings on the question asked.
    The most important thing is that the prospective customer can see a need for the policy and can afford it. If the customer is ever unfortunate enough to make a claim, I can assure them they will be well looked after.
    Remember, Insurance is only as good as you understand it to be. Therefore, make sure you understand it, and as much as Dunston says to avoid, I am proud to represent the Company and dont like hearing bad things when I have had so many positive experiences with them.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898
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    I would rather take on board Dunstonh's advice myself.
    Just because a company has been trading a long time doesn't mean its any good or will be there in the future. I bet the shareholders of Bear Stearns were thinking the same only a few months ago.
    It's nice to know that they are paying out £800k in benefits every day - is this for this particular product or all company policies?
    The bit of information I was looking for is missing from your post how much income does this product produce for your company??
  • raskazz
    raskazz Posts: 2,877 Forumite
    rcrow wrote: »
    Dear Dunston, as an IFA you will have no access to Combineds products so hardly makes you qualified to advise. FSA Directive "only advise on products you have been trained on".

    His signature obviously eluded you.

    "I am an Independent Financial Adviser.

    A
    nything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation."
  • dunstonh
    dunstonh Posts: 116,044
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    Dear Dunston, as an IFA you will have no access to Combineds products so hardly makes you qualified to advise. FSA Directive "only advise on products you have been trained on".

    That rules applies to tied agents and not IFAs. IFAs are independent and can make any opinion they like on products. That is what they are paid to do and are authorised to do. Unlike tied agents of a company, IFAs are employed by the client under FSA rules unlike the tied agent who is employed by the insurance company and can therefore only discuss their own product range.
    Therefore, make sure you understand it, and as much as Dunston says to avoid, I am proud to represent the Company and dont like hearing bad things when I have had so many positive experiences with them.

    Doesnt change my views. These are cash cows for providers. Not just yours but others that have issued similar policies.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Im not employed by the Company. I am self employed and choose to represent them as I rate their products. Lets face it all insurance companies are cash cows, thats why all companies trade in any nature of business, with the hope of makong profit. As for profit, it depends on IF a customer claims. I sold to a guy this time last year and within two months was putting in a claim in excess of 50k, so obviously on his policies the company will make absolutely nothing, but it is swings and round-abouts, win some lose some.
  • iceicebaby
    iceicebaby Posts: 3,633
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    I used to work for combined, stayed 2 weeks after the "training"

    I didnt rate them and their practices at all and I have worked in insurance of some sort ALL of my working life.
    Baby Ice arrived 17th April 2011. Tired.com! :j
  • dunstonh
    dunstonh Posts: 116,044
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    Im not employed by the Company. I am self employed and choose to represent them as I rate their products.

    You may be self employed but you represent them.
    Lets face it all insurance companies are cash cows

    Not all. Car insurance and pensions have been loss makers in recent times. Home insurance profitability has sunk big time.

    Some policies are more cash cows than others. However, plans like this are the worst. The claims stats need to be considered and the claims ratios on plans like this are far worse than Life, PHI and CI.
    I didnt rate them and their practices at all and I have worked in insurance of some sort ALL of my working life.

    I have never come across a good product from them and have only ever cancelled the policies I have found. Nothing personal rcrow. There are bigger insurance companies that I am more critical of but I dont see that CICA has anything to offer that makes them stand out.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. 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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