Unemployment Insurance Increase

plazydays_2

I took out unemployment insurance back in October last year. Previously I had been with one company for years.
Today, I got a letter from them stating that they are increasing my premiums by 9 pound a month because of all the unemployment that is going on.

I never got it reduced over the last 12 years while unemployment was high so why should it go up.

Talk about being taken for a ride. There should be a law to stop these people ripping us off.

asandwhen

Why dont you cancel and shop around for a cheaper policy - try moneysupermarket.com
Be warned though when you take out a new policy you are unable to claim for the first 3 months.

dunstonh

I never got it reduced over the last 12 years while unemployment was high so why should it go up.

Thats because we had 12 years of low unemployment and steady growth. They dropped in price after the last recession ended which was more than 12 years ago.

There should be a law to stop these people ripping us off.

You are not being ripped off. Its a free market and you make a choice.

Wutang_2

asandwhen wrote: »

Why dont you cancel and shop around for a cheaper policy - try moneysupermarket.com
Be warned though when you take out a new policy you are unable to claim for the first 3 months.

Bad advice. How can you tell someone to consider cancelling their policy when it may invalidate their cover. You know nothing about their role/industry/sector.

and moneysupermarket is not ideal either (for execution only). There are other sites and there are brokers.

Porker

asandwhen wrote: »

Why dont you cancel and shop around for a cheaper policy - try moneysupermarket.com
Be warned though when you take out a new policy you are unable to claim for the first 3 months.

Columbus' product doesnt have a waiting period if you are transferring from an existing policy (you have to have had it in place for a certain amount of time though) https://www.columbusprotect.com

Baz_2

Yes, I got the same thing.

These things should be contracted like life insurance and other fixed price policies. If not for a long term then at least a year like car insurance. My lifge insurance doesn;t go up just because loads of people are dying?

And Dunstonh, you really are so biased its unbelievable.

dunstonh

And Dunstonh, you really are so biased its unbelievable.

No. I am not blinkered and I am aware of the facts. Unlike you.

In the last recession, MPPI rates were around the 6.5%-7% range. In the growth years they fell to 1.5-2%. That is called a decrease. Anyone expecting them to stay at those levels during this recession is deluded.

My lifge insurance doesn;t go up just because loads of people are dying?

Yes it can if you have reviewable premiums. No it doesn't if you have guaranteed premiums. Also, as people have been living for longer, the cost of life assurance today is cheaper than 10 years or 20 years ago. However, the rise in critical illnesses has seen CI premiums increase.

Wutang_2

Baz wrote: »

Yes, I got the same thing.

These things should be contracted like life insurance and other fixed price policies. If not for a long term then at least a year like car insurance. My lifge insurance doesn;t go up just because loads of people are dying?

And Dunstonh, you really are so biased its unbelievable.

Thats the worst thread for a while - fair play!

My fixed rate mortgage should also be a tracker because rates have come down!

And back to the original post - its a nine quid increase for a policy which is currently a lot more likely to pay out at the moment...!!

Martin Lewis has got a lot to answer for - and the bizarre attitudes that follow.

Milky_Mocha

I too had a premium increase sent in a letter but found that taking out a new policy elsewhere costs so much more. For example my premiums are now about £49 per month but new quotes are coming in at no less than £70 per month.

asandwhen

Wutang wrote: »

Bad advice. How can you tell someone to consider cancelling their policy when it may invalidate their cover. You know nothing about their role/industry/sector.

and moneysupermarket is not ideal either (for execution only). There are other sites and there are brokers.

Of course cancelling there policy would invalidate their cover - thats why you would have to take out a new policy.

Baz_2

Wutang wrote: »

Thats the worst thread for a while - fair play!

My fixed rate mortgage should also be a tracker because rates have come down!

And back to the original post - its a nine quid increase for a policy which is currently a lot more likely to pay out at the moment...!!

Martin Lewis has got a lot to answer for - and the bizarre attitudes that follow.

I know I am dragging this thread up from the dead really but.....

My insurers sent me a letter a few months back telling me I would be getting all the increase in premiums back from when they did it to January 2010. Total of around £100. Apparantly the FSA took the same view as I did and told them they were wrong and couldn't just increase the premiums like that.

Nice little bonus, no thanks to the bizzare attitudes of the likes of Wutang.