View more on these topics

&#39£10k medical bill as insurer cancels policy&#39

An Essex IFA is outraged at the treatment a client received from niche PMI insurer Revelation Health-care after it ended his policy halfway through its one-year term.

French & Associates financial consultant Roger Lloyd says the insurer offered PMI cover to his client but revoked the contract without a full explanation.

The client contracted a serious illness while travelling in December, has had two major operations and is due for more surgery in September.

The insurer originally offered to reimburse the client if he paid for the treatment, estimated to have cost nearly £20,000 so far. It then refused to do so, citing a violation in correct procedure as a reason.

After the client threatened litigation, the insurer paid up around £8,900 in expenses incurred to July 1 but has cancelled the policy even though it is not due to run out until November. The client is now facing a bill of more than £10,000, with the IFA no clearer as to why Revelation will not continue coverage.

Lloyd says: “It amazes me that people can insure people in this manner and not be regulated in any way and then subsequently withdraw that coverage if the price gets too high.”

Revelation Healthcare director Keith Robson says: “Whatever difficulty might have existed, the nature of the condition is one factor involved in that decision and I cannot discuss that condition.”


Resilience tests eased again amid volatility

The FSA has again eased the resilience tests for life insurance companies to avoid forcing them to sell shares in a declining market.Life companies have had to maintain a cushion to withstand a 25 per cent fall in equity prices. But they will now be able to take a three-month smoothed average from the FTSE […]

&#39Commercial property is offering real value&#39

Returns on commercial property have outperformed equities and bonds over the last five years, offering investors a real alternative to these asset classes, claims Edinburgh Fund Managers property adviser Robin White.White, who advises on the Edinburgh portfolio property fund, told the Senate Programme that despite tales of doom and gloom surrounding the residential property market, […]

ABI calls on MPs for £500m tax breaks to fund advice

The Government should fund financial advice in the workplace to the tune of £500m a year by providing tax incentives to employers which offer their staff access to IFAs, says the ABI.In a speech to the all-party Parliamentary group on insurance and financial services this week, ABI director general Mary Francis outlined an action plan […]

Berth of a notion

I am a 67-year-old woman who has not made enough pension or investment provision to live comfortably in the future although I have equity in my property. Friends have just bought a houseboat moored on the Thames, which appeals to me. How does one go about such a purchase and what other options do I […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm