Barclays Redundancy Protection

lrnmrs

Good evening


I took out a Barclays income protection policy quite a few years ago, maybe six or more. I was 22 at the time, had just taken on a mortgage and my partner was a student so it seemed a good idea. I based the pay-out on 50% of my salary at the time and have been paying the premiums ever since, with one increase in premiums a few years ago.


While I was pregnant with my first son, who will be turning four next month, I called Barclays to ask whether I was paying over the odds for my insurance because I was on maternity leave and receiving Statutory Maternity Pay. I asked on what basis they pay out if I was made redundant, do they need to see payslips etc, in which case my latest ones wouldn't show I was paid enough to warrant the premium I was paying. They couldn't answer my question and put in a callback request from 'someone in the know' which I never received. Well new baby took over, I finished my maternity leave, went back to work and didn't think any more of it.


Baby number two is now 8 months old, I am on the last 3 months of unpaid maternity leave and I've been thinking about it again. I've searched online but can't find any information. Of course when I type anything to do with redundancy and maternity it brings the wrong sort of pages up. I suppose I have a few questions, do you think I have a claim over the most probably overpaid insurance premiums or is it my fault for not taking it further at the time? How would I even go about it if I did have something?


I know Barclays don't even offer the policy any longer to new customers so I feel a bit alone with it.


Anyway, hope somebody may be able to help


Thanks, Lauren

[Deleted User]

If the insurance no longer fits your needs or affordability level then you are free to cancel and look elsewhere. However, an internet forum is not the place to look for such financial advice.

You certainly can't "claim" a refund based solely on the insurance being too expensive, though.

The fact that you asked the Bank for "advice" a few years back and never received any is not a reason to expect a refund either.

Remember, it's your circumstances at the time of the original sale which determine whether the insurance was mis-sold or not.

From what you say, you had a financial need (mortgage) for the insurance. Once your circumstances changed (pregnancy etc) it was and is your own responsibility to ensure existing policies continue to cover you and remain affordable.

Even if the Bank had passed on your request for a review to a more qualified staff member, they would only have suggested other financial products from that bank's portfolio. There would have been no refund on cancellation of the original policy.

You would probably be best advised seeing a local independent financial advisor if you still want alternatives , otherwise simply cancel the policy if it no longer fits your requirements

dunstonh

While I was pregnant with my first son, who will be turning four next month, I called Barclays to ask whether I was paying over the odds for my insurance because I was on maternity leave and receiving Statutory Maternity Pay.

Barclays only retail their own product. So, they couldnt tell you if you were overpaying as they were only allowed to talk about that one product. You dont get bank products if you want value for money. You need to see a local IFA if you want cheaper/better.

do you think I have a claim over the most probably overpaid insurance premiums or is it my fault for not taking it further at the time?

Nothing suggests any wrongdoing apart from not getting back to you but it was too long ago to do anything about it. It was that sort of service, in part, that saw banks pull out of offering these things.