Lloyds Bank Hospital Plan cancelled - Cigna

[Deleted User]

DAVIDC wrote: »

You state that there was no build up of costs. What do you think I have incurred over the past 33 years? For there to have been no build up of costs to me, the premiums which I have paid would have to have been refunded to me

As stated months ago when this thread was started, these policies were effectively Pay-As-You-Go. For 33 years you've paid for and received insurance cover, but not claiming on the policy does not somehow entitle you to a refund. There is no build up of funds, only cost as you point out.

Closing the policy now does not prevent you from seeking similar cover elsewhere but, as also stated earlier, the policies were poor value for money so why would you now want to repeat your earlier mistake?

You may feel "ripped off", but the time to do something about it would have been three decades ago when you should have realised that the cover you purchased was not adequate and that more comprehensive (and expensive) cover was available elsewhere.

By all means complain to the Regulator if you wish, but your sense of entitlement is clouding your ability to see that closing these insurance policies is not against any regulatory rules..

Nasqueron

DAVIDC wrote: »

Oh dear. It would appear that you are quite happy to accept that Joe Public can,perhaps should , be ripped-off.

No I didn't state that

DAVIDC wrote: »

You state that there was no build up of costs. What do you think I have incurred over the past 33 years? For there to have been no build up of costs to me, the premiums which I have paid would have to have been refunded to me.Therefore there has been a build up of costs.

You seem to be implying you think an annual insurance payment is stored by the provider and that at the end, if you don't claim or they cancel it, they should refund it, which is obviously not the case, you pay each year for cover

DAVIDC wrote: »

With regards to your statement reference the FSCS,the provider going under, and the firm cancelling the policy, has the same effect - Joe public is ripped off because, in this instance there is no regulatory protection.

You buy without regulatory protection, you live by the sword, you die by the sword. A failure of a firm is not the same as a firm discontinuing a policy. Taxpayer money should not be used for the latter just because you don't like it they cancelled the policy.

DAVIDC wrote: »

With regards to the FOS & FCA, it is as a result of deficiencies within the system that PPI, for example, have been addressed and certainly not because of people sitting on their backsides and wringing their hands.

PPI miss-selling was a long standing argument between the banks and regulator because the regulator wanted to apply current selling rules retrospectively e.g. if you drive down the road at 40mph, then the council changes it to be a 30mph limit and then sends you a ticket, would you be happy?

Kentish_Dave

I agree with the other posters. You were paying each year for an insurance policy, and the extra benefits were the same as a no-claims discount.

No-one’s cheated you here, you were covered each year that you paid, and now the company has withdrawn from that market.

Old_Lifer

Nasqueron and Moneyinept have been kind enough to respond to your query.



Kentish Dave has condensed it into a short post.


Perhaps you do not want to hear what you are being told.

David_Fraser

I have been paying in to RAC. hospital income plan (Cigna) for 35 years, Aprox. £10,000. Now age 77 & my Wife 75 I am told I am no longer going to be covered from April 2020. from what I have read most people on this plan took it out in the 80s and Cigna have realised that us pensioners are likely to be making a few claims now so lets get rid of them.

SonOf

David_Fraser wrote: »

I have been paying in to RAC. hospital income plan (Cigna) for 35 years, Aprox. £10,000. Now age 77 & my Wife 75 I am told I am no longer going to be covered from April 2020. from what I have read most people on this plan took it out in the 80s and Cigna have realised that us pensioners are likely to be making a few claims now so lets get rid of them.

Insurance policies need a volume of people to hold them to spread the risks. When the number of people still holding the policies falls below a certain number, the insurance companies will often end coverage for everyone unless the insurance is a type which is guaranteed to remain in force (which this isn't)

[Deleted User]

David_Fraser wrote: »

I have been paying in to RAC. hospital income plan (Cigna) for 35 years, Aprox. £10,000. Now age 77 & my Wife 75 I am told I am no longer going to be covered from April 2020. from what I have read most people on this plan took it out in the 80s and Cigna have realised that us pensioners are likely to be making a few claims now so lets get rid of them.

This is now the fourth time you've posted identically. Please don't spam the forum with duplicate posts, your insurance is still going to be cancelled regardless.

Grrr8dane

As someone affected by the same notification by Cigna I share all the frustrations from everyone who has posted on this forum & I think the common thread is that (it appears) we are all of a 'certain' age & long term payers into this scheme. To add some balance to this I offer this information as a former Independent Financial Adviser of over 30 years, although this was never an area in which I worked. According to the T & C's the policy would always end at age 70 & the benefits halved at 65, & similar to things like Car, Travel & even Mortgage protection, the key element here is the word 'cover', i.e. If a valid insurable event took place they would make a payment. These are stand alone annual contracts that we were invited to renew. At no time were these policies ever suggesting a return unless a hospital admission took place in a similar way that they never increased your premiums pro rata if a claim was made. Please understand, I am not sticking up for the company as I am as affected and disappointed as anyone as at this moment I am battling with a condition that could hospitalise me & believe me if I thought something could be done I would be the first to take action, but some of the previous contributors are perfectly correct, they have the right to end the policy and I have no doubt that if challenged the first question they would be most likely to ask if we read & agreed the terms and conditions. Honestly guys, I'm gutted and as frustrated as everyone on this forum but that's the way it is I'm afraid. All I would say is that (unlike me) if you have no pre-existing medical conditions it might be easier to get replacement cover, which for some may be difficult. Good luck & it's healthy to vent but let's stay nice to each other on this forum.

[Deleted User]

Grrr8dane wrote: »

Good luck & it's healthy to vent but let's stay nice to each other on this forum.

This thread was first posted a year ago and the OP has not logged into the site since. The OP's insurance policy was closed last August.
The thread was then bumped in May 2019 by someone venting similarly.
The thread was bumped up a few days ago by another poster who chose to post the exact same comments four identical times. He had answers elsewhere.

However, thanks for your (late) contribution to this thread. Did you really register just to comment on this particular subject? :eek:

David_Fraser

Grrr8dane  & Moneyineptitude  Sorry, Yes it does appear I posted 4 times  but this was nor deliberate, at now 78yrs old I am not up to date on how these forums work, I didn't think it was working  so I just kept pushing buttons etc. Just taken me about half an hour to find this page.

Sorry everybody, but am now starting to get the hang of it.
D.F.
See,  tried to post comment & it told me 'Body is 1 character too short.'