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St james place - income replacement plan

mrg9999
mrg9999 Posts: 107 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Reclaim PPI & other insurance
http://www.sjpp.co.uk/special2/downloads/IncomeReplacement.pdf
I paid into this plan for a long time. I cancelled it, and now pay only into pension and ISAs.

can I claim PPI for this type of plan? As I believed it was an investment when I took it out?

Mr.G
Fred Bloggs

Comments

  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
    1,000 Posts Combo Breaker
    It's Permanent Health Insurance, not PPI.

    It replaces your income if you fall ill and cannot work for a long period - until retirement if necessary.

    How will you cope if that happens to you now that you have cancelled the policy?
  • dunstonh
    dunstonh Posts: 120,244 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    can I claim PPI for this type of plan?

    As it is not PPI, that would be in interesting complaint.
    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.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    Why do people think they can "claim PPI" against insurance which clearly is NOT Payment Protection Insurance?
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
    1,000 Posts Combo Breaker
    Moneyineptitude wrote: »
    Why do people think they can "claim PPI" against insurance which clearly is NOT Payment Protection Insurance?

    Perhaps they need moneygrabbingexpert.com
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    mrg9999 wrote: »
    I believed it was an investment when I took it out?

    Mr.G

    "Does the plan have a cash in value?
    Your Plan has no cash in value at any time."
  • mrg9999
    mrg9999 Posts: 107 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    It may have been appropriate when I took it out, but my new advisor, suggested investment and draw-down would be a better way to use the money.
    Fred Bloggs
  • dunstonh
    dunstonh Posts: 120,244 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    mrg9999 wrote: »
    It may have been appropriate when I took it out, but my new advisor, suggested investment and draw-down would be a better way to use the money.

    Totally different thing. An investment is not an insurance policy. It has no guarantees to provide an income for rest of working life. It is subject to investment returns and the amount would need to be high enough to provide a comparable amount.

    Some old style plans do have an investment element on them. However, dont mix it up with a uninsured investment product.
    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.
  • mrg9999
    mrg9999 Posts: 107 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    magpiecottage wrote: »
    It's Permanent Health Insurance, not PPI.

    It replaces your income if you fall ill and cannot work for a long period - until retirement if necessary.

    How will you cope if that happens to you now that you have cancelled the policy?

    Thanks
    I believe my employer gives me that cover.
    Fred Bloggs
  • mrg9999
    mrg9999 Posts: 107 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    dunstonh wrote: »
    Totally different thing. An investment is not an insurance policy. It has no guarantees to provide an income for rest of working life. It is subject to investment returns and the amount would need to be high enough to provide a comparable amount.

    Some old style plans do have an investment element on them. However, dont mix it up with a uninsured investment product.

    It seems financial advice is like IT advice, 2 different advisers will give 6 types of mutually exclusive advice.
    I'd rather see an investment that has a tangible result, that I can choose like property, rather than AVCs into my pension, that I may never see.
    Fred Bloggs
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