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Benefit Statements......Correct or Incorrect

  • 20-12-2017 9:10am
    #1
    skippy2
    Registered Users, Registered Users 2 Posts: 393 ✭✭


    I have a Company Pension which has Income Protection Built in to it. The Income Protection element is in Claim at present
    As it is in claim I do not pay the monthly premium on the Income Protection Policy element anymore and receive an Incapacity Benefit Payment that escalates by a % each year


    However it states on the Benefit Statement the amount/cost of the Income Protection, under the heading


    “Your Current Benefits”
    Current Monthly Cost = $100
    Incapacity Benefit until “Retirement Date” = $ 10,000
    ($ amounts used here are for illustration only)


    I have an issue with this and have contacted the Insurance company.
    They have confirmed the Current Monthly cost is not being deducted
    and
    the Benefit payable Amount is frozen on their system at the starting amount but have confirmed that as agreed it escalates each year by the % agreed and I can confirm this happens.
    My issue is that the Benefit Statement should declare the Current situation as the Heading “Current Benefits” does not state this correctly


    Current Monthly Cost = $000…………….should be zero
    Incapacity Benefit until “Retirement Date” = $ 10,000 x % increase …………it should read the new amount each year.


    Am I being unreasonable in asking that the Statement should read the Correct Current Situation as stated?


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