Insurance company cancelling Redundancy policy just as COVID-19 annoucement.
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Dear Money saving
Can you advise.
May 2012 I took out a Life insurance policy and with the policy was a redundancy package. I was paying around £35 and have been ever since. Around mid-March 2020 I was contacted by Scottish provident and informed the insurance company supplying the redundancy part of the policy will not be renewing contracts but the life policy part will continue at a reduced fee of around £7.95 a month.
I then got a further letter informing me that as the plan was not interest, I was not due any funds returned to me.
Can this be right, that the announcement tied in with the pandemic, I've paid every month without fail not made any claims and now i can't recover a penny of the redundancy part of the plan. I sourced the plan through a financial advisory company called Lifesearch.
To now get redundancy cover is impossible due to the current situation we are in, and in my view when i might need to make a claim the company have cut and run taking my payments.
Any advice you can give will be gratefully received