Income protection

Stevo2021

Last year I took out some income protection because I don’t get sick pay from work. Anyway for a whole year I didn’t use it didn’t go sick from work but I recently received a letter from the company saying because of coronavirus and loads of people using their insurance that there wasn’t enough money in the pot to pay everyone so they were raising my premium from £49 to £100+!!! 
I rang and told them that I didnt agree with them raising my premium more so because I hadn’t used it, never claimed in the whole year or so I have had it.
I have since cancelled my policy with them. 
Is there anyway I can get my money back for the year or so I paid for it. The company is called best insurance. 
I look forward to hearing from you.

dunstonh

I rang and told them that I didnt agree with them raising my premium more so because I hadn’t used it, never claimed in the whole year or so I have had it.

A whole year?   You do realise how short term that is?

Anyway, that is not how insurance works.  

Is there anyway I can get my money back for the year or so I paid for it. 

No.   They covered you for that period.   

 Anyway for a whole year I didn’t use it didn’t go sick from work 

You dont get a refund because you did not get sick or were not made redundant.   

 I recently received a letter from the company saying because of coronavirus and loads of people using their insurance that there wasn’t enough money in the pot to pay everyone so they were raising my premium from £49 to £100+!!! 

That is expected. Indeed, most providers pulled out altogether and refused to offer renewal terms.   The few that remained increased their premiums.   The unemployment rate has gone up significantly and expected to rise.  So, the premiums would go up.

csgohan4

This doesn't sound like more standard income protection policies I am used to, as in fixed premiums for the life of the policy
The fact your premiums are reviewable is suggestive of this 

Unemployed insurance is expensive and your cover is at the mercy of the insurer. 

[Deleted User]

So last year when you didn't have a car accident, did you ask for your premium back?

Sandtree

csgohan4 said:

This doesn't sound like more standard income protection policies I am used to, as in fixed premiums for the life of the policy

Sounds like Accident, Sickness (and Unemployment) which is the most common type of policy sold under the title of "Income Protection" since PPI became a toxic phrase. These are annual policies and so premiums are always reviewable at renewal plus in some cases mid term reviews can occur.

Whilst the OP may not have liked the price hike many have simply not offered renewals at all. Naturally if you buy a 1 year policy you're only getting protection for that year and there are no refunds of premiums if either party decide they dont want to renew for another year.

[Deleted User]

[DELETED USER] said:

So last year when you didn't have a car accident, did you ask for your premium back?

Duh, smart money saving people crash their car annually to get their moneys worth from car insurance
/s in case it really wasn't obvious

Weighty1

Let's hope you don't get sick or have an accident now because who'll be laughing then?  Let me answer that for you, not you!