income protection poser?

bigjluk

does anyone know what policy out there has the shortest sign up period before a payout is legitimate,the shortest i have found so far is 180 days membership before they will pay out on unemployment.any views appreciated

Wutang_2

is this for research?

Despite there being 60 day policies - it all depends on ones circumstances.

bigjluk

no,its a serious matter re_job security

dacouch

Are you aware of anything that could lead to you being made redundant eg have they made other people redudant recently or sent out letter advising staff of possible redunacies?

Lorri

I have recently taken out income protection with helpucover.co.uk, protecting £1000 per month against accident, sickness and unemployment, with the ability to claim from day 0, for £33.84 per month.

However! I have just had a letter from them, after one month's payment made, saying that they will be increasing the payment to £44.08 as of next month due to the 'current climate'. What a disgrace.

Wutang_2

Lorri wrote: »

I have recently taken out income protection with helpucover.co.uk, protecting £1000 per month against accident, sickness and unemployment, with the ability to claim from day 0, for £33.84 per month.

However! I have just had a letter from them, after one month's payment made, saying that they will be increasing the payment to £44.08 as of next month due to the 'current climate'. What a disgrace.

Are you referring to the increase or the 'curent climate' being a "disgrace"?

Lorri

I find the 30% increase in my premium a disgrace, after one month of being with them. I appreciate that I have no understanding of how income protection premiums work, but no reference was made to any chance of them changing when I took out the policy. I wouldn't expect a letter from my car insurance company telling me that they had increased my policy by 30% - maybe I am naive in my thinking!

bigjluk

no i dont think you understood my question,i found policies that pay out from day one of a claim,its the time between when you take out a policy ,and when you can make your first claim(eg i take out a policy today,and i cannot make a claim for 180 daystherefore if i lose my job tomorrow i cannot claim till august approximately.

Wutang_2

I think that most car insurance premiums have a set price for 12 months whereas unemployment cover is usually reviewable. Its a nightmare but it still means you have cover in these more troubled times.

dunstonh

However! I have just had a letter from them, after one month's payment made, saying that they will be increasing the payment to £44.08 as of next month due to the 'current climate'. What a disgrace.

It has reviewable premiums. Risk is increasing so premiums were expected to go up. You can expect low risk year (low risk premiums) to remain in force when the risk goes up.

I find the 30% increase in my premium a disgrace, after one month of being with them.

They dont get the choice to only apply the increase to those that have been with them longer. Its across the board.

I wouldn't expect a letter from my car insurance company telling me that they had increased my policy by 30%

You get a renewal notification through annually and its certainly possible.