Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • chrismco
    • By chrismco 15th Jan 19, 9:27 PM
    • 2Posts
    • 0Thanks
    chrismco
    Barclays Accidental Death Benefit Policy
    • #1
    • 15th Jan 19, 9:27 PM
    Barclays Accidental Death Benefit Policy 15th Jan 19 at 9:27 PM
    Cigna Insurance Services now running this insurance. They have advised me that they are cancelling my policy as of September 2019.
    I have had this policy for many years. Are they allowed to do this, without compensating me.
Page 1
    • Weighty1
    • By Weighty1 16th Jan 19, 10:01 AM
    • 443 Posts
    • 217 Thanks
    Weighty1
    • #2
    • 16th Jan 19, 10:01 AM
    • #2
    • 16th Jan 19, 10:01 AM
    Why would they need to compensate you? It's provided the insurance being paid for all the years it's been running. Once it's cancelled you'll no longer pay for it.

    I'd also be extremely surprised if they weren't allowed to cancel or, as if they weren't, they wouldn't! There are numerous accidental death policies on the market, just look for another. That said, why not look for a proper life insurance plan? Accidental death plans are normally extremely cheap because the vast majority of people die from medical conditions, not from accidents.
    • dunstonh
    • By dunstonh 16th Jan 19, 12:13 PM
    • 97,045 Posts
    • 65,035 Thanks
    dunstonh
    • #3
    • 16th Jan 19, 12:13 PM
    • #3
    • 16th Jan 19, 12:13 PM
    They have advised me that they are cancelling my policy as of September 2019.
    Might be doing you a favour. Paying for accidental death plans is a waste of money.

    Are they allowed to do this, without compensating me.
    Yes. It is not a type of plan that is protected from insurer cancellation.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Novice_40
    • By Novice_40 11th Feb 19, 1:12 PM
    • 2 Posts
    • 0 Thanks
    Novice_40
    • #4
    • 11th Feb 19, 1:12 PM
    Ditto
    • #4
    • 11th Feb 19, 1:12 PM
    They have also written to me and are cancelling my policy in November 2019. I took this policy out about 25 years ago so that there would be a payout for my very young children if I were to be in an accident as I was a single parent.
    The monthly payments were a lot then but the attraction was that they wouldn't go up in the future. Although they are all grown up now, I kept the policy going as it is very cheap now and that there would still be something for them if I were to die in an accident.
    Its not the end of the world that it is being cancelled, but I am annoyed that it is happening now when the payments are cheap.
    They certainly wouldn't have done it when the payments were worth a lot more. I imagine that is why Chrismco is annoyed too.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,647Posts Today

8,307Users online

Martin's Twitter