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short term income protection
Mr_Grumps
Posts: 1 Newbie
I took out short term income protection in 1995 when I thought I was going to lose my job and have kept it up over since.
In 2011 paid off my mortgage and let them know but kept paying think I may have been duped as they now deny ever been told even they they encouraged me to keep the insurance and failed to contact me until a couple of months ago when I chased them up,
My jobs at risk again I do dump them and or try to claim some money back ?
In 2011 paid off my mortgage and let them know but kept paying think I may have been duped as they now deny ever been told even they they encouraged me to keep the insurance and failed to contact me until a couple of months ago when I chased them up,
My jobs at risk again I do dump them and or try to claim some money back ?
0
Comments
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It's your own responsibility to cancel insurance once it fails to meet your needs.
It's your choice whether to cancel the insurance now, but nothing you have said indicates that you have a valid complaint.0 -
was it linked to a mortgage? many standalone plans are notI 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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If your going to lose your job and you have protection then this is a good thing. What is the problem?0
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If it's standalone income protection, and not linked to your mortgage, then it will pay out if you lose your job - you don't need to have a mortgage for this to happen. The important thing here is to know what the policy is - if it is MPPI (mortgage PPI) then it will most likely (99%) not pay out if you don't have a mortgage.
However, it it is income protection insurance, then it is in force to protect (a proportion of) your income, and not your mortgage. This should (depending on policy T&Cs) pay out if you lose your job.
Please have a read of your policy document, and if you don't have it, request a copy0
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