Phoenix Life not paying out

Voxbox

Hi All,

My wife and have a life insurance policy with Phoenix Life. I have been trying since February 2023 to cash it in, however PL have been either non-responsive or dont do what they say they will do.
The bottom line is that although my wife and I went through the process of closing the policy with them on the phone on the 12th May (instead of filling out the forms that they failed to send), the funds have not reached our account, today 31st May.
I had a call today with a customer service person who said that they would send out the paper forms today as they had a "system problem". 

Given the history of inaction by PL, (which I've not listed in the interests of brevity) and the awful reviews I've since seen of their customer service on Trustpilot, I am now concerned about receiving my funds in a timely manner.

BTW, the website doesnt allow you to make a complaint - it seems broken or the facility has been withdrawn.......

Any  suggestions?

Thank in anticipation,

Cheers, Colin

dunstonh

My wife and have a life insurance policy with Phoenix Life. I have been trying since February 2023 to cash it in, however PL have been either non-responsive or dont do what they say they will do.

I generally find the service of most of the Phoenix service centres to be very good.   Usually much better than the legacy company they were originally with.  There are one or two that are not so good but that is often down to the legacy company issues that Phoenix haven't been able to address yet.

Which legacy company is it with?

The bottom line is that although my wife and I went through the process of closing the policy with them on the phone on the 12th May (instead of filling out the forms that they failed to send), the funds have not reached our account, today 31st May.

That is a short timescale.   Is there any reason why you have that short timescale in mind?  (i.e. did they tell you x working days?)

Given the history of inaction by PL, (which I've not listed in the interests of brevity) and the awful reviews I've since seen of their customer service on Trustpilot, I am now concerned about receiving my funds in a timely manner.

I wouldnt take any notice of trustpilot reviews as most of them are user errors, incorrect expectations (i.e. legacy plans unable to do what modern plans can do) or refer to different Phoenix legacy companies that may not apply to yours.

Voxbox

ok thanks Dunstonh, thats encouraging.
The policy was originally with Royal Life, taken out in 1992.
Following the non-arrival of the forms we were told would be sent on a phone call, we eventually gave them the info over the phone at their request. We were then told it would take 8 days to process and transfer the funds into our bank account.
That was on the 12th May.

I'm not sure where to go with this now.....

dunstonh

ok thanks Dunstonh, thats encouraging.
The policy was originally with Royal Life, taken out in 1992.

It was encouraging until you said Royal Life.  That is one that tends to be longer, in my experience.

Following the non-arrival of the forms we were told would be sent on a phone call, we eventually gave them the info over the phone at their request. We were then told it would take 8 days to process and transfer the funds into our bank account.
That was on the 12th May.

Normally, that would mean working days and its best to double when its in period leading up to and following tax year changeover (everyone is still dealing with tax year changeover backlog)

I'm not sure where to go with this now.....

Follow what they have told you.   if you do need to go (or choose to go) to complaint in the end, you will get a better outcome if you have done what they have requested.

Voxbox

Thanks again sir. I'll bide my time and see what occurs.....

Voxbox

Update - 

Still awaiting the paperwork that was going to be sent out "high priority" on the 31st May.
Two messages left on their messaging service on the website, last one on 14th June and also sent by post requiring response by 21st June and payment by 28th June. Also sent the same message by recorded delivery paper-mail.

22nd June - -Received full payment! As of today, 28th June, no messages, no paperwork, letter, or phone-call. Nothing. 
But the money is my account

Phoenix is an absolutely terrible company in my experience. The customer service is appalling. I've never experienced anything as poor.

Thanks for everyones support and help on the forum,

Cheers, Colin