Phoenix Life Whole Of Life Policy - Can I do anything with it?

grayco

I originally took this out as a Royal Life Flexible Protection Plan about 30 years ago.  Back then the idea was that it would provide high life cover while we had a young family and the units would mostly pay for this with a small amount providing small investment.  Being flexible this could change, whereby we could switch so that there was more investment to the policy and less life cover ... or so I understood.  We now pay £257 per month with a guaranteed min death benefit of £428k.  value of the fund as at 14/06/23 is approx £28k (not guaranteed!) if we cashed in completely.  I've tried to speak with someone at Phoenix requesting someone get in touch and even emailed the CEO but it seems nigh on impossible to get n touch with them.

We no longer need such high life cover but, close to retirement, could do with more investment!

Any advice on what we should do with the policy and/or how best to get hold of Phoenix would be welcome .

ACG

Submit a complaint, they will have an obligation to deal with it. 

dunstonh

  I've tried to speak with someone at Phoenix requesting someone get in touch and even emailed the CEO but it seems nigh on impossible to get n touch with them.

It is worth noting that Phoenix operates out of multiple offices.  Often the ones linked to the legacy company.  So, make sure you are speaking to the right Phoenix office.

Professionally, I have never had any issues getting through to Phoenix and speaking with someone.   Obviously, email is no good, as expected, but the phone lines work ok.

Any advice on what we should do with the policy and/or how best to get hold of Phoenix would be welcome .

Phoenix will not and cannot give you advice on what to do with it.  They will take instruction only. They don't hold any regulatory permissions for advice, opinion etc.

Are you sure that the policy is even worth continuing?   This type of insurance went obsolete (or at least highly niche) around 1995.    Its not tax efficient for most people and modern alternatives are nearly always better.

grayco

Thank you for your replies ACG & dunstonh 

It is worth noting that Phoenix operates out of multiple offices.  Often the ones linked to the legacy company.  So, make sure you are speaking to the right Phoenix office.

I contacted the customer contact number on the latest annual policy update letter received last month.  After going through their various options for three minutes to get through to the right department, I was then on hold for a further 40+ mins so gave up and registered online with their myphoenixlife as their hold music/info suggests.  This says you should hear back within 6 working days.  It's now 7!

Phoenix will not and cannot give you advice on what to do with it.  They will take instruction only. They don't hold any regulatory permissions for advice, opinion etc.

Are you sure that the policy is even worth continuing?   This type of insurance went obsolete (or at least highly niche) around 1995.    Its not tax efficient for most people and modern alternatives are nearly always better.

No, I'm not sure.  That's kind of why I wanted to speak with them and I understand that they can't give advice.  I am a bit confused though that they're not able to discuss the options on the policy - i.e. whether the flexibilty bit is still there (if that makes sense?), and then take instructions on my decision

DullGreyGuy

grayco said:

 I am a bit confused though that they're not able to discuss the options on the policy - i.e. whether the flexibilty bit is still there (if that makes sense?), and then take instructions on my decision

They can tell you how it functions/ what options you have but cannot recommend what is best to do