Barclaycard/Reassure Income replacement cancellation

Mulvers

A question to through out to everyone. I have received letter from Reassure about closing an income protection policy i have. This is due to their business reasons of not providing the service anymore.

Could I claim back what I have paid into it? I'm wondering as I have never used it and have had it for a few years. As it's not my reason to close and theirs, I feel somewhat short changed. Everything i read is geared towards PPI and not income replacement, so I don't know where I stand.

Apologies if I have duplicated a thread as there are quite a few on here.

dazza12

Income protection is totally different to ppi. PPI protects the value of your payment to the creditor, whereas income protection will provide you with an income where you can pay your mortgage, get food, etc.

An insurer can withdraw a product at any time, so it doesn't matter if you had no say in it. If you need income protection, many insurers offer policies to replace it.

Also, just because you didn't need to claim on the product it doesn't mean it was mis-sold, so that wouldn't be a valid reason to complain about it.

dunstonh

Could I claim back what I have paid into it?

On what basis?

I'm wondering as I have never used it

You need to understand the concept of insurance. Personally, i would be pleased if I hadnt suffered a claimable event but relieved I had the policy if I did.

As it's not my reason to close and theirs,

That only impacts going forward. Not going backwards.

I feel somewhat short changed

You bought a bank product. Bit late to be concerned about cost now. Bank products were typically more expensive and lower qualify than those available via IFAs. Think of this as a chance to fix that going forward.

Everything i read is geared towards PPI and not income replacement, so I don't know where I stand.

You question is similar to asking if you can get your car insurance or house insurance premiums back because you havent suffered a claim. It has nothing to do with PPI. Different product, different process and none of the same issues.