Mortgage Protection Plan: Increase of Premium due to 'Economic Turmoil'?

Mapson_2

Had a letter from Norwich Union today:

"The current challenges within the UK economy and the significant increase in the number of unemployed people have led to substantial increases in claim for all providers of this type [Mortgage Protection Plan] of insurance.

We are no exception and as a result we have had to review our policies to ensure that the insurance premiums you pay reflect the impact of the economic turmoil. We have therefore found it necessary to increase our price to .... Your direct debit will be automatically amended ....."

Did anyone get a similar letter?

I don't mind the increased premium if it helps ensure that funds are available to others not so fortunate as myself.

dunstonh

most PPI/MPPI providers have already increased or in the process of increasing premiums to cover the increased risk

They dropped in the good years so its not much of a surprise to see them go up. They are not yet back up to the levels seen in the last recession though.

Eddie_George

dunstonh wrote: »

most PPI/MPPI providers have already increased or in the process of increasing premiums to cover the increased risk

They dropped in the good years so its not much of a surprise to see them go up. They are not yet back up to the levels seen in the last recession though.

I've bought mine through MS.com, price was much lower than many of the prices quoted on here and they said they did not expect prices to increase in the near future..........:j

Wutang_2

Eddie_George wrote: »

I've bought mine through MS.com, price was much lower than many of the prices quoted on here and they said they did not expect prices to increase in the near future..........:j

Really?? what a load of rubbish