Phoenix, the UK’s largest specialist consolidator of closed life and pension funds, has contacted one million life and protection customers to remind them of the cover they hold with Phoenix.
This follows low levels of claims during times of critical illness and recovery.
David Woollett, customer director at Phoenix Life, said: “Often when taking out insurance policies, customers will opt for additional protection such as critical illness cover, income protection or a death benefit.
“However, as time passes, customers can forget exactly what their entitlements are. When they do, they risk losing out on much needed funds, often at times when they need the money the most.”
Phoenix provides customers who currently receive an annual statement with an expanded version that lays out the various protections they have, and those who don’t receive annual statements have been written to with a specific explanation of their entitlements.
Since implementing the programme in 2015 to remind customer of their benefits, Phoenix has seen an upsurge in customer contact, and some people have received significant pay-outs, while others who have been contacted have decided they no longer need their policy and have gone on to cancel it.
Woollett added: “Falling ill can be incredibly stressful, both emotionally and financially. Policies often contain protection for illnesses and anyone suffering a long-term illness should check what their policies cover.”