Have I just put 20+ years of premiums down the pan?? :-(

4 Posts


In the mid 1980's I was a driving instructor and took a loan out to but a new car. I covered the loan with a short term income protection plan ( sickness and unemployment) that I probably bought through an independent broker.
I kept the policy going because I kept on renewing my cars. I think the original insurer then sold all this type of business and the policy was taken over by Assurant solutions in 2007. I know that in 2012 Assurant solutions sent me a policy review which indicated they did not know my profession or the value of the protection needed, the policy review also indicated that this is a payment protection policy, but I have also found some Assurant solutions documents indicating it is an income protection policy.
In 1991 I gave up my self employment as a driving instructor but basically remained self employed until I became employed in the education sector 2001. Health & Sickness cover in this profession is very good and I then probably didn't need the policy, ...ie having 6 months sickness available through my employer.
Since 2001 I have have been class1 employed with good sickness cover. I am now nearly 64 years old and until now, I have never had reason to claim on this policy.
I have chronic arthritis in my hands and and fingers and despite my own and my employers best efforts to make reasonable adjustments, I can no longer continue in my recent profession as a hands on care-taker, so I have had to resign. I am now unemployed.
I have spoken to the insurer to enquire if I can make a claim on the policy. I have asked if they can tell me when the original policy was taken out and they only can tell me when their policy started. They don't seem to be able to provide any original booklets or information on this policy.
I have been asked to complete both an illness/sickness claim and an unemployment claim. At this stage nobody at Assurant could tell me if my own resignation would invalidate my unemployment claim.... and then asking my arthritis consultant surgeon and my GP to complete forms indicating I am unemployable due to my condition seems extreme.
I am now wondering if the total mismanagement of this policy was all down to me. ...for some 20 years I probably didn't need it as I had cover through my employer.
I kept the policy going because I kept on renewing my cars. I think the original insurer then sold all this type of business and the policy was taken over by Assurant solutions in 2007. I know that in 2012 Assurant solutions sent me a policy review which indicated they did not know my profession or the value of the protection needed, the policy review also indicated that this is a payment protection policy, but I have also found some Assurant solutions documents indicating it is an income protection policy.
In 1991 I gave up my self employment as a driving instructor but basically remained self employed until I became employed in the education sector 2001. Health & Sickness cover in this profession is very good and I then probably didn't need the policy, ...ie having 6 months sickness available through my employer.
Since 2001 I have have been class1 employed with good sickness cover. I am now nearly 64 years old and until now, I have never had reason to claim on this policy.
I have chronic arthritis in my hands and and fingers and despite my own and my employers best efforts to make reasonable adjustments, I can no longer continue in my recent profession as a hands on care-taker, so I have had to resign. I am now unemployed.
I have spoken to the insurer to enquire if I can make a claim on the policy. I have asked if they can tell me when the original policy was taken out and they only can tell me when their policy started. They don't seem to be able to provide any original booklets or information on this policy.
I have been asked to complete both an illness/sickness claim and an unemployment claim. At this stage nobody at Assurant could tell me if my own resignation would invalidate my unemployment claim.... and then asking my arthritis consultant surgeon and my GP to complete forms indicating I am unemployable due to my condition seems extreme.
I am now wondering if the total mismanagement of this policy was all down to me. ...for some 20 years I probably didn't need it as I had cover through my employer.
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Replies
All you need to do now is put your claim in and see if you are covered under your current terms.
They don't seem to be able to provide any original booklets or information on this policy.
Most people buy insurance hoping that they never need to make a claim, same as equipment to deal with fires/emergencies etc. It doesnt mean the money was "wasted" as you have the peace of mind that protection was there if the worst happened.
As you identified, you bought an ASU policy which is also known as PPI. This is an annual policy (unlike PHI) and so what the terms were 20 years ago when you bought your first policy is irrelevant, its the terms that are in force for this year's policy that will be used to determine if either of your claims are payable.
Havent looked at an ASU policy for some time but ordinarily resignation will result in a decline however there can be exceptions. Why did you take this root rather than going through the process with your employer and have them dismiss you for being unable to do the job?
ASU is not medically underwritten at inception, another difference to PHI, and so its perfectly normal for them to require a reasonable amount of information from your doctors at the point of claim. For a start they want to know if the condition predates the policy, if the docs agree your condition stops you working etc.
Only if you employed an adviser on an ongoing basis would they be expected to ensure ongoing suitability. That is very unusual with insurance products. Far more common with investment and pension products.
i resigned because i thought it was the proper thing to do.... i respect the employer greatly and they worked hard to keep me ...making all the reasonable adjustment that they could do.... but in the end my hands and fingers became just too painful.... and nothing more could be done... i am now awaiting new finger joints.... i just thought out of respect for the employer and to keep things simple it was the proper thing to do. ....in retrospect i can now see i should have been dismissed.