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ASU/income protection insurance help please
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martyp
Posts: 1,069 Forumite
Hi all,
When I bought my house in 2005 I went through an IFA who set my up with an ASU policy and life insurance.
The ASU policy paid out nicely the first time I lost a job but then didn't the next time it happened.
It's about £23 a month covering about £450 a month but I knocked off the unemployment part when I was unemployed as there seemed no point having it, taking it down to about £12 a month.
Having worked now for about 18 months I want to reinstate the unemployment element but quotes online are showing ASU for about £13 a month.
Having been disappointed that they didn't pay out before and with the apparent saving are there any major pitfalls in changing policy without the IFA?
I know there's waiting periods before cover starts and before payout etc. which I've taken into account.
The good price policies are with Realm and Paymentcare.
My current policy is with an insurer which has changed hands several times I think and I have trouble finding the right department when I call them.
I also note that the policies show no waiting period if transferring a policy. I wasn't sure how that worked. What if I enabled unemployment with my current policy then transferred over?
When I bought my house in 2005 I went through an IFA who set my up with an ASU policy and life insurance.
The ASU policy paid out nicely the first time I lost a job but then didn't the next time it happened.
It's about £23 a month covering about £450 a month but I knocked off the unemployment part when I was unemployed as there seemed no point having it, taking it down to about £12 a month.
Having worked now for about 18 months I want to reinstate the unemployment element but quotes online are showing ASU for about £13 a month.
Having been disappointed that they didn't pay out before and with the apparent saving are there any major pitfalls in changing policy without the IFA?
I know there's waiting periods before cover starts and before payout etc. which I've taken into account.
The good price policies are with Realm and Paymentcare.
My current policy is with an insurer which has changed hands several times I think and I have trouble finding the right department when I call them.
I also note that the policies show no waiting period if transferring a policy. I wasn't sure how that worked. What if I enabled unemployment with my current policy then transferred over?
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