Shameful cherry-picking of Standard Life Bank accident, sickness and unemployment cover
PROFESSIONAL BROKING - 1ST JULY 2002
With effect form 10th July 2002, Standard Life Bank is terminating its existing accident, sickness and unemployment provision and replacing it with new cover for which existing customers must reapply and re-qualify.
This is shameful. Customers with a pre-existing medical conditions or those in high risk employment such as Post Office workers will never be eligible for cover, when they need it most.
It would have been very easy to portfolio transfer all business but instead, Standard Life is allowing a new insurer to cherry-pick the best and most profitable people to ensure a massive profit share goes back to the bank.
This view is endorsed by TV’s mortgage watchdog Monty Burn, who says: “Standard Life’s actions simply endorse the message that tied products not only cost more but are vulnerable to actions such as those taken by Standard Life Bank.
“If I were a customers I would protest in the best way possible and then change providers.”
Simon Burgess
Managing director
Burgesses
