Synergy income protection

Saiangel

Hi has anyone else got an accident & sickness policy with synergy.

I had a letter on 3/2/2021 saying that my policy will expire as Tokio Marine Kiln Syndicates Ltd will no longer offer cover for accident & sickness cover-and they cannot offer an alternative.
My policy is s due to expire on 8/5/21.

I feel very let down  as at the age of 60 now it will be very difficult to find suitable cover especially following changes in health conditions over the years.

I would really appreciate advice on what my options are.
Can I take them to the financial ombudsman? Over the years I have paid a lot of money out and fortunately never had to claim. But feel that at this age it was crucial to have that cover especially as I live on my own.

csgohan4

sadly these products have become unsustainable and most have withdrawn from the sector understandably. You cannot force an insurer to keep insuring you on these policies, same as the insurer cannot force you to keep paying premiums when you don't want it. 

insurance where you don't use it, is a good thing. You were covered during the period of your premiums were you not? 

dunstonh

Proper income protection cannot be cancelled by the insurer.    Unfortunately, you didn't buy proper income protection (PHI).   You bought a PPI policy and the market for PPI has died a death and the reassurers dont want to cover it any more.

Can I take them to the financial ombudsman? 

No.     There is no wrong doing here.

If you sought advice and the product was recommended then you could potentially if PHI wasn't rejected properly and PPI recommended instead.  If you bought without advice then you are responsible for your decisions.