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Income Protection



Thanks!
Dan
Comments
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You haven't cancelled the insurance simply by cancelling the Direct Debit, so you need to reinstate that immediately otherwise it will bounce and you'll be incurring unpaid debt...You also won't be able to backdate any cancellation.However, have you considered making an actual retrospective claim on the insurance?If you were unemployed for the required period and in receipt of JSA you should still be able to claim.
I don't really understand why you think you should cancel this insurance in the first place. Certainly, you can indeed be made redundant again in future...0 -
Moneyineptitude said:You haven't cancelled the insurance simply by cancelling the Direct Debit, so you need to reinstate that immediately otherwise it will bounce and you'll be incurring unpaid debt...You also won't be able to backdate any cancellation.However, have you considered making an actual retrospective claim on the insurance?If you were unemployed for the required period and in receipt of JSA you should still be able to claim.
I don't really understand why you think you should cancel this insurance in the first place. Certainly, you can indeed be made redundant again in future...Hi, the insurance states it doesn't cover being made redundant. I was living off the redundancy and now self employed so I won't be made redundant again. Also as a side note, no government help applicable except UC so fingers crossed I can get that.Thanks
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If it is proper income protection then you do not actually need to be employed. They even cover housewives.
Proper income protection doesnt cover unemployment either.
Was yours income protection (PHI) or payment protection (PPI)? - it sounds like it is income protection from your comments about it not covering unemployment.So I guess the question is have I got any grounds for backdating the cancellation or through my stupidness have I just got to put it down to experience?No grounds for it to be refunded as it still continues to provide cover.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2 -
DanJo said:Hi, the insurance states it doesn't cover being made redundant.If you feel you have no use for this then you are of course at liberty to cancel it. Do note that there is nothing "stupid" about these policies.You should certainly refrain from cancelling any Direct Debit until you receive a written acknowledgement that the policy is cancelled. Failure to do this will cause you to incur an unpaid debt.As before, you cannot "backdate" the cancellation, nor will you get any refund simply because you haven't claimed.1
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dunstonh said:If it is proper income protection then you do not actually need to be employed. They even cover housewives.
Proper income protection doesnt cover unemployment either.
Was yours income protection (PHI) or payment protection (PPI)? - it sounds like it is income protection from your comments about it not covering unemployment.So I guess the question is have I got any grounds for backdating the cancellation or through my stupidness have I just got to put it down to experience?No grounds for it to be refunded as it still continues to provide cover.
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DanJo said:0
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DanJo said:dunstonh said:If it is proper income protection then you do not actually need to be employed. They even cover housewives.
Proper income protection doesnt cover unemployment either.
Was yours income protection (PHI) or payment protection (PPI)? - it sounds like it is income protection from your comments about it not covering unemployment.So I guess the question is have I got any grounds for backdating the cancellation or through my stupidness have I just got to put it down to experience?No grounds for it to be refunded as it still continues to provide cover.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
income protection pays out a monthly payment if unable to work due to accident or sickness and pays out to retirement age
It doesn't cover employment - never has and never will
As you are now self employed and get no sick pay was it wise to cancel it? What would you do if you had an illness or condition that meant you couldn't work? It covers the self employed so no issue there.2 -
Hello
In 2004 I joined a company called Otis. they had a pension scheme where you paid 3% min and up to 5% which they matched.
I was getting pension statements which I didn't take much notice of, but one year I had earned about £50,000 and when I got my statement I noticed that the amount that I had put in didn't seem correct. I contacted the provider and was told that 25% of my pension contribtion went to pay for life insurance which I was never made aware of. Is this correct that they can take money out of what I thought was going into my pension to buy this, it worked out at over £1400 which when I checked comparison web sites I could have got the same cover from Tesco for £140. I asked for my money back and was told if I didn't like it to leave0 -
. Is this correct that they can take money out of what I thought was going into my pension to buy this,
Your question has nothing to do with the topic of this thread (its a PPI thread and yours is not PPI). You should post your own thread rather than tag yours onto someone elses. It is known as thread hijacking as yours could take over the conversation and leave the original poster's questions unanswered. It is considered bad form.
So, I will answer your question but if you need more info, please create your own thread.
Yes they can take the money out like that because it is what was agreed at the outset. Whether you read it or not is a different matter but the terms would have been agreed.
it worked out at over £1400 which when I checked comparison web sites I could have got the same cover from Tesco for £140.That level of difference suggests you are not comparing like for like. Generally, group schemes are cheaper than individual retail. But even leaving room for commercial pricing differences, that level of premium indicates that it covers far more than just life assurance. Probably includes critical illness cover and/or income protection.
I asked for my money back and was told if I didn't like it to leaveAnd there you have your choice. Maybe next time take a bit more interest in the employment terms and conditions.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2
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