Scottish Provident - Cancellation of Unemployment Benefit

MicRobe19

It's fair enough to stop selling NEW policies based on new information, but to cancel existinging policies because the risk profile has change is not acceptable. If you think that's acceptable behaviour to protect shareholders, I can only assume you have a vested interest.

csgohan4

MicRobe19 said:

It's fair enough to stop selling NEW policies based on new information, but to cancel existinging policies because the risk profile has change is not acceptable. If you think that's acceptable behaviour to protect shareholders, I can only assume you have a vested interest.

Not acceptable morally yes, but business wise, the right decision as it is not illegal and within the confines of the law. Nothing much you can do, I guess venting on here may be useful but won't change the situation

Old_Lifer

No,  I do not have a 'vested interest'.

I do not   own shares in any insurance company   and  I no longer have any 'with-profits' policies.

harddoneby1

Like quite a lot of other people I received the same letter and have also had cover with them for over 12 years. I have never missed a payment or even been late paying and have never made a claim.  For the entire time they have been happy to take my money but at the very first sign that there is potential that i may need to claim they are cancelling cover because the risk of paying out has increased. I'm furious. I believe this is disgusting  dishonourable behaviour, and feel that i have effectively been conned for well over a decade. Ok I get it,  it's a business blah blah, but that is a risk they take selling the policies. They are treating  loyal long standing customers appallingly. Based on their actions to cancel I feel I was misold the policy. I have submitted a complaint to the insurance ombudsmen, although I doubt anything will come of It as they seem to protect themselves with the incredibly 'small ' print.
Does anyone know if we have any rights with this? 

Thrugelmir

There'll be a force majeure clause in the contract. The current situation is akin to being at war. Normal rules cannot apply. No business can trade at a loss. Soon be out of business. 

dunstonh

 I believe this is disgusting  dishonourable behaviour, and feel that i have effectively been conned for well over a decade.

You have not been conned for well over a decade as it would have provided cover during that period.

 Based on their actions to cancel I feel I was misold the policy.

It certainly was not missold because of an event that occurred over 12 years later.  

 I have submitted a complaint to the insurance ombudsmen, although I doubt anything will come of It as they seem to protect themselves with the incredibly 'small ' print.

There is no insurance ombudsman.   There is the Financial Ombudsman Service (FOS).  However, they will only consider looking at your complaint after you have exhausted the internal complaints process of the company you are complaining about.    As you are making a missale complaint, you need to complain to the firm that sold you the policy (which won't be Scot Prov).   However, that firm will reject the complaint as it is not about misselling and they are not responsible for the decision of an underwriter to withdraw business over 12 years later.    

Scot Prov wont be responsible for a missale complaint as they would not have sold it.

There is also the issue that the unemployment bolt on is PPI.   The deadline for complaining about PPI misselling was August last year.

So, the bottom line is that a missale complaint is futile.   By all means make a complaint to Scot Prov about the cover being withdrawn but don't make a missale complaint (not that your complaint will succeed regardless of how you make it)

Does anyone know if we have any rights with this? 

None that would satisfy you.

jonesMUFCforever

The only alternative here would have been a massive increase in premiums - I bet most of you would have cancelled anyway claiming it was becoming too expensive.
Fact of life - if an insurance company pays out more than it gets in premiums for any kind of policy it will eventually close down.

amiehutch1

Gwawrg said:

Hello - I've had a letter from Scottish Provident today informing me that they will stop providing unemployment benefit cover on my policy that I have held with them since 2008.  They say the provider (SureStone) have instructed them to cancel cover from 1st July.  Can they just remove their cover like this?  I'm obviously very worried given the current economic cliamte and I will have no protection from unemployment and as a single person, how am I going to pay my mortgage if I loose my job.  I doubt any other insurer would provide unemployment protection for me now.  Has this happened to anybody else?  Help!!!

iv also had the same letter cancelling my cover. This is very annoying as like others iv paid into this policy for many years. 

We received a letter recently telling us that Scottish provident will step in to financially support us. 

My husband has just been furloughed can we claim on this policy? 

csgohan4

amiehutch1 said:

Gwawrg said:

Hello - I've had a letter from Scottish Provident today informing me that they will stop providing unemployment benefit cover on my policy that I have held with them since 2008.  They say the provider (SureStone) have instructed them to cancel cover from 1st July.  Can they just remove their cover like this?  I'm obviously very worried given the current economic cliamte and I will have no protection from unemployment and as a single person, how am I going to pay my mortgage if I loose my job.  I doubt any other insurer would provide unemployment protection for me now.  Has this happened to anybody else?  Help!!!

iv also had the same letter cancelling my cover. This is very annoying as like others iv paid into this policy for many years. 

We received a letter recently telling us that Scottish provident will step in to financially support us. 

My husband has just been furloughed can we claim on this policy? 

But the husband has not been made unemployed has he? if not then no. 

dunstonh

My husband has just been furloughed can we claim on this policy? 

No.  Furlough means he is still employed.   So, he has not been made redundant and he is not off work ill.