Assurant/Adminicle Insurance Price Increase

marty1888

Just got a letter from these jokers about my accident/sickness/unemployment insurance to say that they are increasing the premium due to the continued economic downturn. Ok, fair enough you might think but the increase has gone from £43 to £87!! Its pretty muched doubled!!

How the hell do they justify that?

dunstonh

How the hell do they justify that?

Very easily. Unemployment is going to treble from its low point. Unemployment is the biggest risk on these plans. So a double in premiums seems reasonable. Especially when you consider that they were known to be far too underpriced in the good times. That is why their increases are higher than the others.

zooey77

At least you got a letter! I just had almost double my usual payment taken out of my account by adminicle when its usually assurant, and had to do Google searches to find out who they were!! Have been in touch with Assurant to question and have not had a reply.
Any suggestions for better deals?

gingerbenn_2

Same here my cost has doubled now, had letter in past to say there was small increase, but this time no letter and instead of Assurant taking my DDebit I get Adminicle taking almost double the amount.

alidai

zooey77 wrote: »

At least you got a letter! I just had almost double my usual payment taken out of my account by adminicle when its usually assurant, and had to do Google searches to find out who they were!! Have been in touch with Assurant to question and have not had a reply.
Any suggestions for better deals?

Just had exactly the same scenario happen to me.

Went onto online banking to check if everything was ok, found a Direct Debit out for 34 quid to Adminicle when we usually pay 15 quid to Assurant. Had to search online to see what the h3ll it was for!

We haven't had a letter/call or anything at all from them, surely it's not legal for them to do this without informing us first?

joshm_2

I received a letter from Ant on 28 April 2009 (which remained unread until I saw the almost-double premium leave my account today!) which did clearly state the increase (although it was right at the end of the letter on the back page).

Having looked at i: protect insurance (see Martin's article) they offer a far cheaper alternative and in their FAQ they say that if you transfer over to them under certain conditions they will waive the 'initial exclusion period' that would normally apply to such a policy.

To cancel the Ant policy (NOTE: Don't do this if you plan to transfer UNTIL your new policy has been set up!) you can email them at ant@adminicle.co.uk . I would also recommend that you cancel your direct debit with them at an appropriate moment (i.e. only when you have set up your new policy and informed ant of your intention to cancel theirs).

Hope that helps!

ITtim

i too have found my premium has doubled, i'm tempted to look around for an alternative. However my company has recently made redundancies. Presumably i'm likely to struggle to get cover elsewhere?

Woby_Tide

ITtim wrote: »

i too have found my premium has doubled, i'm tempted to look around for an alternative. However my company has recently made redundancies. Presumably i'm likely to struggle to get cover elsewhere?

Try Regency Insurance via Money Supermarket. Underwritten by Fortis but they were one of the few who didn't check on employment business/redundancies when arranging cover. But also worth speaking to an IFA depending on your circumstances

payless

W-T if its the policy I think it is

questions include
Are you aware of any circumstances that may put your current normal income at risk?

with
.. exclusions
include

You were aware of the possibility of impending Unemployment (or in our reasonable opinion You should have been aware) at the Start Date,notwithstanding that no specific reference has been made to Your personal situation

---

if swapping provider- do full disclosure !!

ITtim

i suspect i'll be better off paying the excessive premium until things at my work pick up. (hoping they do) at least if they don't i'll get some return!

alidai

Ok, problem now then, i cancelled my policy without thinking about the consequences (stupid me)

The thing is that our workplace is in a worrying state and we've all technically been put "at risk of job loss"

Is there any chance of me getting income protection anywhere at all now?