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Hotline to give aid to Pinnacle customers

PROTECTION provider Paymentcare is offering a dedicated helpline for advisers seeking to rehome clients left unprotected by accident, sickness and unemployment insurer Pinnacle.

The insurer was forced to write to about 3000 SalaryProtect policy holders to inform them that their accident, sickness and unemployment cover was being terminated.

Pinnacle said that the product had been among the first it had sold over the internet, which had led to a greater than expected number of claims.

The extra volumes forced Pinnacle to dump the policies that remained in force to rid themselves of the liability.

Shane Craig, managing director of Paymentcare, said: "It is no wonder that people are sceptical of products such as income protection with antics such as this.

"This is a classic example of actions that bring the industry into disrepute in the eyes of consumers and justifiably so."

Paymentcare has launched a range of standalone payment protection insurance policies that will cater for abandoned Pinnacle policyholders.

The Paymentcare Protector range will consist of Loan Protector and Income Protector options.

The products will be available over the phone and all customers switching to Paymentcare will be offered continued cover, with no initial exclusion periods no matter what the occupation.

A free back-to-work benefit is available to policyholders and their immediate families. It had been feared that those Pinnacle policyholders in occupations where the risk of redundancy has increased, such as IT, telecoms and financial services, would find it particularly difficult to obtain replacement cover on the same terms. Intermediaries wishing to make further inquiries about the Paymentcare products can ring
0870 428 4088