Halifax Personal Accident plan being discontinued

TheToff

Hi
I and my wife have been paying into the Halifax personal Accident plan since 2004.
Just received a letter from Cigna Insurance services saying that following a Business review they are no longer going to provide this cover rom when this years period ends in jan 2020.

They say that they are taking this action on all policies of this type. Is this indeed the case?

Because I have been paying into it for so long a period the Benefits have increased and quite good should the worse happen. I have looked around for a replacement and found that we could have to pay three time + more than we are at the moment and still not get any where near the same benefits.

Is this a case where they have found out that they are now paying out too much and cancelling the polices that people have been paying into for years only to introduce new polices later which are slightly changed but cost more but offer less benefits and less risk to them?

Quentin

Businesses are no more compelled to keep offering products than we are compelled to keep buying them

The way that they can cancel should be set out in the policy, and by the long notice they are giving you does make it look as though they are doing this properly

SonOf

They say that they are taking this action on all policies of this type. Is this indeed the case?

No. They are making it up because someone wanted a bit of fun in their office... Of course it is the case. They wouldnt write it otherwise.

Is this a case where they have found out that they are now paying out too much and cancelling the polices that people have been paying into for years only to introduce new polices later which are slightly changed but cost more but offer less benefits and less risk to them?

No. These plans are largely cash cows due to very low claims rates. However, a volume of policies is required and if the volume is not there, then plans will usually be ended at some point.