For those of you who are still in this Scheme, you will have received a letter regarding the transfer of members from SMES to Healthier Solutions.
David Gooderham (ex HR Director at NU) is concerned about this development because he states in an email to the current provider:
“Members of the SMES have a lifetime guarantee to protect them against increases in premium linked to age. Increases to premiums at present are limited overall to those applying across similar product ranges only.
The new terms appear to give some limited initial protection to premium levels at the first renewal and also for NCD in the first year, but there is no mention of what may happen thereafter. This seems in clear breach of the guarantee we were all given.
I am well acquainted with the guarantee as I was the HR Director at Norwich Union Insurance at the time the guarantee was given when the old product was moved from an in house team to yourselves. The guarantee reflected the fact that premium levels under the old in house scheme were flat rate and not linked to age, meaning members had paid higher premiums in the early years compared to age related schemes and, therefore, were to be given lower premiums compared to age related schemes as they got older?“
David would like to hear from any of you who are as concerned as he is about this development.
You can contact him by email davidspersonal62@gmail.com