Income Protection Policy Taken over by a new Company now they won't pay!

DullGreyGuy

ReflectionsinaFIAT said:

Well I had them on the phone today and they are not budging. They have repeated the offer of refunding my Premiums paid to date.
I have rejected this and offered to send them proof that the original Policy was not Mortgage dependent.
Is it worth getting the Ombudsman / FCA involved at this stage?

The only reports the FCA accept from consumers is reports of entities acting without a licence to do so. 

The ombudsman is the path to go, however you can only raise the complaint to them if 1) you have received a final response from the firm or 2) if 8 weeks have passed since your complaint, whichever happens sooner. 

ReflectionsinaFIAT

Your old policy no longer exists. A Company cannot offer a product it doesn't have. You've been offered a refund of premiums so have suffered no financial loss. 

Report
And who's fault is that? Who has changed the Policy after 25 years? I have suffered a financial loss, I've been off sick since Xmas and am £500 a month down! I can't very well go and buy another Policy now can I?

dunstonh

And who's fault is that? Who has changed the Policy after 25 years?

ASU policies are not protected policies.  Insurers can end offering them.    They are effectively pay as you go but typically offered annually. i.e. they review them once a year and decide to continue terms, adjust terms or pull them.

You were offered an alternative policy and you chose to buy that alternative. 

DullGreyGuy

dunstonh said:

And who's fault is that? Who has changed the Policy after 25 years?

ASU policies are not protectedion policies.  Insurers can end offering them.    They are effectively pay as you go but typically offered annually. i.e. they review them once a year and decide to continue terms, adjust terms or pull them.

You were offered an alternative policy and you chose to buy that alternative. 

But if it was proposed as a renewal then the insurer should have highlighted any material changes from the prior years cover. Changing it from PPI to MPPI is a material shift and should have been clearly called out.