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Phoenix insurance
debra4145
Posts: 3 Newbie
Please can some advise me...we took out income protector to cover my husband about 20 years ago..the premiums have rocketed to £50pm without advising us..we have no correspondence and we don't need this cover as we have savings. Shouldn't the company renew this each year with us...apparently it doesn't even cover redundancy...have we got a case for mis selling.
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Shouldn't the company renew this each year with us
No. Its not renewable. its set at the outset.apparently it doesn't even cover redundancy
its wouldnt do. Its not PPI.have we got a case for mis selling.
No. Its not PPI and nothing you have said suggests any mis-selling.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.0 -
its an accident and sickness policy then basically.0
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Kind of yes. It will provide a payment towards lost income as a result of sickness which could be through injury. The significant difference and benefit of this type of policy over a standard ASU or accident, sickness and unemployment policy is that it can be and usually is set to pay out until retirement if you can't return to work, ASU usually pays out for only 2 years. This obviously massively increases the total potential payout if it paid out for say 20 years at £1kpm.
Whether it's suitable for you or not is a matter for an IFA to advise, but if you don't have alternative cover it certainly something to strongly consider, even if you have savings are they there for protecting lost income or are they for something else?
You might be better off reading the MSE section on income protection and trying to re-broker it online and see if you can get a better deal. You should also think about the length of sick pay from an employer too as you can set these policies to start payout timed to when the employer stops paying.
-WebSense is not common.0 -
its an accident and sickness policy then basically.
Its a budget permanent health insurance issued by Pearl originally.
Its certainly not a product an IFA would be proud recommending but then you never bought from Pearl to get best quality
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.0
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