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Massive increase in Unemployment cover premium
bailey59
Posts: 207 Forumite
Evening,
I have an unemployment policy (income protection) with Assurant Solutions that I took out around 4 years ago. The original company was Commitments then Assurant took them over. My premium increased from 30.00 to 38.50 a month last year. I have just received a letter saying my premium is being increased from 38.50 to 74.03 a month from April. :eek:
How on earth can they justify that????
I can't cancel because I might be made redundant shortly and so I cant go elsewhere for this type of cover. I am fuming. The letter says because of the increase in unemployment claims they have got to increase my premiums!!
I am going to phone them tomorrow to see what they say.
Rant over.....for now!
I have an unemployment policy (income protection) with Assurant Solutions that I took out around 4 years ago. The original company was Commitments then Assurant took them over. My premium increased from 30.00 to 38.50 a month last year. I have just received a letter saying my premium is being increased from 38.50 to 74.03 a month from April. :eek:
How on earth can they justify that????
I can't cancel because I might be made redundant shortly and so I cant go elsewhere for this type of cover. I am fuming. The letter says because of the increase in unemployment claims they have got to increase my premiums!!
I am going to phone them tomorrow to see what they say.
Rant over.....for now!
:idea: LBM 23-10-2009 - Total unsecured debt £39,638.65 _pale_
DMP starts 1-1-10 - DFD given August 2020 - but wanting to be DF by June 2016 _party_
DFW Long hauler Supporter #188 :wave:
DMP starts 1-1-10 - DFD given August 2020 - but wanting to be DF by June 2016 _party_
DFW Long hauler Supporter #188 :wave:
0
Comments
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How on earth can they justify that????
Quite simple. They massively underpriced in the first place. Whilst the average plan was charging around £4-£6 per hundred they came in under £2. Then unemployment starts to go up and they realise their error.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
friends provident £4.95 per £100 of cover i believe.
You need to be insured for 1 or 3 months i think before you can make a claim but depending on the amount of cover it may save you a fortune.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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