Over Insured.........CARDIF PINNACLE

di3004

Fingers crossed for you Marshallka.;)X

robbedofmymoney

di3004 wrote: »

Fingers crossed for you Marshallka.;)X

ditto, legs crossed too, good luck

marshallka

Again not received a reply from Cardif Pinnacle. I have now made another complaint to the FSA and also downloaded FOS forms which I am sending tomorrow. Absolute sham of a company.

marshallka

Just rang the FSA to complain about Cardif Pinnacles complaints procedure (or lack of it) and to ask why they allow companies to do this (I just needed to vent and I have written also!!) but was told by the FSA that I could now ask FOS to write for me if I receive no response. I have now got two complaints downloaded and tomorrow I have to ring FOS and they will get my final response for me. They should still reply with a final response regardless (I was also told this with my other insurers complaints against Lloyds of London!!).

If anyone is after any sort of Insurance from any company and standalone then last year I would have advised Cardif Pinnacle (as you know) but since having this complaint with them about being over insured and the way they have handled this to present I would say to anyone to steer well clear of them. They are great at taking your money but come a complaint (which I imagine is the same with claiming on it) they just do not want to know and stall and just do not take you serious.

marshallka

After resending emails to the two email address's from the FSA register i received a phone call at teatime saying that they will definately reply by tomorrow (although it will not be tomorrow I receive their reply as it will be posted tomorrow) but they did say that they would get someone to call with their outcome. I had put in the emails that I had downloaded the FOS complaints form and the complaint would be sent off tomorrow.

I don't know if this a good sign or a sign they are messing with us again. I just hope they do get back before close of post tomorrow otherwise its off the FOS!!!

marshallka

Just received a reply from Cardif Pinnacle and they state that their policy was bought online (after first ringing them to enquire) and we should have read the terms and conditions ourselves. They say that theirs pays out after 60 days of being ill so their policy kicks in before our works one does. They have omitted to answer that my husband actually gets paid until the policy kicks in and that it is totally useless. They have just used the fact we bought online and it was our responsibility to check that we were elegible to claim.

I rang before we bought it and told the lady we wanted to insure for extra income (works one covers 75% of income) and we had loans/credit etc that we would want to pay off if ever the worst happened and she said it was fine (no mention of 75% being maximum insurance). They have not upheld it and given us their final reponse. I do also have it in writing from their advisors that being over insured is when you have more than 65% of your income covered??? They say we could claim on both but also I have it in writing from their advisors that our works one would be reduced by the amount we claimed from them. Why would we want to do that when the works one is not costing us anything. There was no mention of this when we took it out or in their terms and conditions now.

If we could use both policies then we would actually be better off being ill. Is that not being over insured?

Here is something similar
http://www.bbc.co.uk/wales/x-ray/sites/allarticles/updates/10p13_barclays.shtml

marshallka

This is what they have written about the insurance and its apparently up to the consumer to check that they are eligible to claim and so they actually do not refer to the affect of alternative insurance. This really needs to be amended in my eyes. If everyone did that then someone could actually be much better off by taking out lots of insurance policies and claiming on all at the same time (as in the story above). PINNACLE have stated here



Additionally, you would not have been able to proceed with the purchase of cover without confirming that you had read and understood both the key facts document (which was not around when we took out this) and the policy terms.

In respect of your terms and conditions, these do not refer to the affect of alternative or duplicate cover as it is assumed that potential policy holders are aware of their own personal insurances.

This is written by their customer relations officer and does state - IN MY OPINION YOU WOULD HAVE BEEN ABLE TO CLAIM ON BOTH POLICIES. I find this is actually not stating fact but just opinion so now I need to find out the legalisation of claiming on two policies at the same time without one affecting the other and also if you are off work with illness and you receive full pay would this policy ALSO had paid out then? Again there terms and conditions gives no mention of this. VERY misleading.....

Now how would anyone know until they actually had to make a claim that one would reduce the other then? This should be made clear and is not.

di3004

Found this link via Barclays (X-ray)

http://www.bbc.co.uk/wales/x-ray/sites/allarticles/updates/10p13_barclays.shtml

marshallka

After reading this I wonder if ANY insurance is actually worth it

http://news.stv.tv/scotland/west-central/145857-man-denied-benefits-over-insurance-protection/

Also just worked out that if we claimed on both policies (the Works Permanent health insurance and the MPPI) we would be near on 35% better off not working (plus my hubby gets works sick pay until the Permanent health insurance kicks in). This apprarently is not allowed but Pinnacle are still saying that we can claim on both policies IN THEIR OPINION. You are not allowed to insure for betterment so it says on lots of internet sites. They really have no idea themselves from what they state. I wonder how many others are actually over insured?

I really think this needs going in to deeper.

robbedofmymoney

marshallka wrote: »

After reading this I wonder if ANY insurance is actually worth it

http://news.stv.tv/scotland/west-central/145857-man-denied-benefits-over-insurance-protection/

Also just worked out that if we claimed on both policies (the Works Permanent health insurance and the MPPI) we would be near on 35% better off not working (plus my hubby gets works sick pay until the Permanent health insurance kicks in). This apprarently is not allowed but Pinnacle are still saying that we can claim on both policies IN THEIR OPINION. You are not allowed to insure for betterment so it says on lots of internet sites. They really have no idea themselves from what they state. I wonder how many others are actually over insured?

I really think this needs going in to deeper.

email them and tell them you are now going to go to the ombudsman unless they reconsider their decision within 7 days, the rules on insurance are quite clear for these type of policies,

you are only able to claim a maximum percentage of your gross income in total, this is dependant upon your tax bracket, ie, higher tax rate of 40% will mean that you are prevented from claiming any more than 60% of your gross monthly income, and for standard rate tax payers its about 80%. some insurers will pay out along side others and some won't, but there is still an overall combined limit.

the system and the rules are in place to prevent people earning more than thier income from insurance policies.

apparently it's there to "protect insurance companies" :rotfl::rotfl:

their policy may state that they will pay out along side another policy, but they still will not pay out if this exceeds the total you are allowed.

here is the association of british insuraers guidance for limitations on income protection, (starts on page 22)

http://www.abi.org.uk/Information/Codes_and_Guidance_Notes/531.pdf

if this was an advised sale its important that they assessed your individual needs, if they had done this then they should not have advised you purchase this policy.

if it was bought without advice you do also have a case if they have not made clear the limitations on how much you can claim in total (combined policies), unless you really know a lot about insurance you would not know this so they can't assume you would. (which is what they are saying and trying to pass the buck)

we have all been caught out (conned) over the years with these policies.

don't let it drop, and go to the FOS if they continue to ignore your claim.