Income protection

Diane1711

I'm not sure if this is covered in this forum, as all I can see is PPI. However, I was unfairly dismissed from my job last Feb 2013 from a solicitors and could not get another solicitor to take the case. Therefore, I have had no help from my bank on my mortgage etc. I have now cancelled my Mortgage Protection Plan, and am being refunded the premiums, but have also now cancelled my Income Protection Plan. The reason for this is that I was not aware that this only covered illness and/or injury. I was told by the representative 13 years ago that I had to take out all these insurances "to be on the safe side". I have rung HSBC and they have apologised but say there is nothing they can do, I should have read through the policy and the terms and conditions. Can anyone advise me on this please? My poor mum who was 81 yesterday is paying the mortgage and I find this disgusting. Many thanks in advance.

dunstonh

Can anyone advise me on this please?

Income protection (or permanent health insurance - PHI) is not the same as PPI.

What exactly are you alleging was done incorrectly on this?

Diane1711

dunstonh wrote: »

Income protection (or permanent health insurance - PHI) is not the same as PPI.

What exactly are you alleging was done incorrectly on this?

Thank you for replying Dunstonh. When I took out all of the insurances with HSBC I was buying my mother's council house as she was moving to America. I was told that I needed this, that and the other and that I should take ALL of these insurances out. My Mortgage Protection won't be paid as I was dismissed, albeit unfairly, but I have only just found out that the IPP only covers illness and injury. I was informed that it would cover my income "should anything happen". This is why I'm trying to find out if I have any chance of a claim as this costs me £33 a month!

Diane1711

Thanks again, I'll just go to the nearest HSBC bank and see what happens

[Deleted User]

Diane1711 wrote: »

I have only just found out that the IPP only covers illness and injury. I was informed that it would cover my income "should anything happen".

You really are wasting your time with that "complaint". It is a verbal allegation for which you can provide no proof and the policy coverage was there in black and white when you signed your agreement to it.
In effect, you are saying you've been paying for something you "thought" covered more, but you just didn't bother to check. I can't see you have been misled in any way.

dunstonh

I was told that I needed this, that and the other and that I should take ALL of these insurances out.

An adviser has a requirement to point out your financial needs. They have to show all the things to cover the potential shortfalls.

My Mortgage Protection won't be paid as I was dismissed, albeit unfairly, but I have only just found out that the IPP only covers illness and injury.

Income protection is meant to only cover illness and injury. The fact this type of insurance was sold instead of PPI is a good thing. It shows a better process took place.

Diane1711

Thanks both. Obviously I'm wasting my time so I won't bother pursuing it. It is a shame, however, that this was not brought to my attention at the time. It was worth a go as I've paid 13 years at £33 per month, basically for nothing! I'm very rarely ill or injured (I'm pleased to say!) and wanted the IPP more for redundancy than anything else. No matter, money's gone! Thanks again

[Deleted User]

Didn't you check the terms and conditions when you took out the policy? It's your responsibility to check that's it's all in order surely?

societys_child

Diane1711 wrote: »

Thanks both. Obviously I'm wasting my time so I won't bother pursuing it. It is a shame, however, that this was not brought to my attention at the time. It was worth a go as I've paid 13 years at £33 per month, basically for nothing! I'm very rarely ill or injured (I'm pleased to say!) and wanted the IPP more for redundancy than anything else. No matter, money's gone! Thanks again

Well that's insurance for you . . .
of course most people hope that "insured events" don't happen*

(My car very rarely gets stolen and my house very rarely burns down, but for some reason they won't refund me, and . . . I continue to pay the premiums every year)

* With the possible exception of iPhones, where the claims for loss/ theft/ damage/ etc spike, whenever a new model is released.

debonair

I think it is worth pursuing. When I took out a loan I was asked if I wanted ppi and I said no I want income protection. This was face to face in the bank. The bank adviser said ok and went through the sales pitch and I signed on the dotted line. Four years later I realised I and was paying for ppi (£35 per month)and I cancelled it and bought income protection from another company (12 per month) Cancellation was 5 years ago. I recently claimed and won all my ppi payments back with interest. I had no way of proving what was said in the bank that day and yes I should have read more carefully before signing but that doesnt alter the fact that I was missold the product. If Diane1711 was misled into buying a policy then she should claim. If you are honest about the circumstances and explain why you thought you were buying something when in fact you were getting something different because of the dishonesty of the bank employee you will win. I would say go for it and I hope you get your payments back.

dunstonh

debonair wrote: »

I think it is worth pursuing. When I took out a loan I was asked if I wanted ppi and I said no I want income protection. This was face to face in the bank. The bank adviser said ok and went through the sales pitch and I signed on the dotted line. Four years later I realised I and was paying for ppi (£35 per month)and I cancelled it and bought income protection from another company (12 per month) Cancellation was 5 years ago. I recently claimed and won all my ppi payments back with interest. I had no way of proving what was said in the bank that day and yes I should have read more carefully before signing but that doesnt alter the fact that I was missold the product. If Diane1711 was misled into buying a policy then she should claim. If you are honest about the circumstances and explain why you thought you were buying something when in fact you were getting something different because of the dishonesty of the bank employee you will win. I would say go for it and I hope you get your payments back.

You situation was different. You said you wanted income protection. They gave you PPI. So, yours was a PPI complaint.

The OP is talking about income protection. Not PPI.