Alpha Insurance Policies Pulled in the Wake of Bankruptcy

Danish insurer Alpha Insurance A/S declared bankruptcy on May 8, 2018. It had passporting rights to operate in all EU/EEA countries, including the UK, where it was a major provider of Car Insurance and Fleet Insurance under the Cover My Cab and Protector brands.

A slew of late night text messages to policyholders announced the bankruptcy. The news left thousands of London black cab and private hire drivers scrambling to obtain new insurance after the FCA announced that “UK policyholders need to find alternative cover as soon as possible”.

Do I have an Alpha policy?

Alpha also backed a small number of short-term Income Protection and Payment Protection Insurance (PPI) policies in the UK. These are policies which pay out a time-limited (typically for no longer than 12 months) benefit if the policyholder is rendered unable to work due to accident, sickness or potentially forced redundancy.

rob harvey, independent protection expert at drewberry

In most cases, existing short-term Income Protection and PPI policyholders will be transferred over to another insurer. However, it pays to check to be sure – the broker who sold you the policy will be able to help with this. 

Rob Harvey
Independent Protection Expert at Drewberry

If you’re in a claim, the benefit will no longer be paid by Alpha but will instead become the responsibility of the Danish Insurance Guarantee Fund. You should contact the broker who sold you the policy for more information.

 

Is Your Alpha Policy Right for You?

Even if your existing Alpha Income Protection policy is transferred over to another insurer and will continue in force under its current terms, it may still be time to consider whether the policy as it stands continues to meet your needs.

“Given that life isn’t static, it’s important to review all insurance coverage on a regular basis to ensure it remains right for you,” suggests Rob.

Key things to look out for include:

  • Is the benefit enough?
  • Are you covered for pre-existing conditions if they stopped you working?
  • Is a short-term policy truly the best option for your needs given that the average length of an Income Protection claim is 7 years 7 months?
rob harvey, independent protection expert at drewberry

If you’re not sure, why not ask an expert? At Drewberry we deal with clients’ Income Protection enquiries day in, day out on a no-fee basis, so we’re happy to help anyone who wants to dust off an old policy to check whether it’s still the best deal for them. Call one of the protection team now on 02084327333.

Rob Harvey
Independent Protection Expert at Drewberry

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Written by:
Michael Englefield
Content Manager at Drewberry

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