Scottish widows income protection Ins

thechippy

Hi experts,

I have just cancelled my income protection.
I received a letter from them and to cut a long story short, one sentence stood out

"...although the investment that you've already made will continue to grow for you"

Does this mean I actually have some funds that can be cashed in??

Many thanks for any help.

dunstonh

It sounds like you have an old fashioned permanent health insurance with an investment element. A number of the old black horse life plans did that (Which are now badged scot wid).

Whilst the invesmtent element was not desirable, the actual quality of product with these PHI plans was very good. Indeed, it is often hard to get that level of quality without paying more or using a decent IFA. As the plan cannot be reinstated beyond a reasonable period, you should make sure that cancellation is really in your best interests.

You can ask them to surrender any value that is due to you.