Recommendations for Income Protection Insurance other than PO?

pb3

Hi Folks,

Can anyone recommend an Income Irotection insurance provider other than Post Office?

I took out a Lifestyle Income protection policy with this lot 2 months ago. Now they written me to the effect that due to difficulties in the financial markets they will be hiking my premium by 67% :eek:, and raising the deferral period from 30 days to 60 days, meaning that in effect you have to wait 90 days for the first payment if you're made redundant.

Has anyone else has similar? Perhaps I'm a bit of a conspiracy theorist but I'm wondering whether this is a bit of sharp practice where they sucker in new punters, then hike the premiums after a couple of months knowing that the punters are unlikely to switch, given there can be up to a 90 day qualifying period in switching to a new provider.

I know things are dire in the financial markets and in the economy but a 67% hike in addition to the increase of the deferral period seems to be taking the p*ss a wee bit.

Can anyone suggest another income insurance provider or are they all hiking their premiums as well?

dunstonh

Can anyone recommend an Income Irotection insurance provider other than Post Office?

The PO dont offer proper income protection. Just a basic version of payment protection.

I took out a Lifestyle Income protection policy with this lot 2 months ago. Now they written me to the effect that due to difficulties in the financial markets they will be hiking my premium by 67% :eek:, and raising the deferral period from 30 days to 60 days, meaning that in effect you have to wait 90 days for the first payment if you're made redundant.

Has anyone else has similar?

Yes. Most companies have or are in the process of increasing premiums where unemployment cover is included.

Perhaps I'm a bit of a conspiracy theorist but I'm wondering whether this is a bit of sharp practice where they sucker in new punters, then hike the premiums after a couple of months knowing that the punters are unlikely to switch, given there can be up to a 90 day qualifying period in switching to a new provider.

As its nearly across the board, that is unlikely. Although some of rises from the cheapest ones have also been the largest.

I know things are dire in the financial markets and in the economy but a 67% hike in addition to the increase of the deferral period seems to be taking the p*ss a wee bit.

People didnt seem to complain when they dropped in cost by 80% from the peaks in the last recession to the low unemployment years. You cant have it both ways. If premiums drop in good times then you should expect them to rise in bad times.

Can anyone suggest another income insurance provider or are they all hiking their premiums as well?

You are referring to payment protection and not proper income protection (despite what the marketing people of some companies call their product).

I would think its pretty easy to get better quality and terms than the PO. The PO products tend to cater for the bottom end of the market and a priced and packaged with that in mind.