Redundancy Insurance

After a brush with HR circa 2017 I thought it might be a good idea to take out an Income Protection insurance policy, seemed a good enough deal at the time pre COVID-19. They have increased the premium slightly over the last 3yrs but today they have notified of a premium increase of around 56%. Can they legally increase a premium by this much mid term?

Comments

  • You might get more informed answer in the Insurance area of this site.
    How is this "mid term"?  It sounds like an annual policy.
    Have you sought alternative quotes?
  • AnotnaC7
    AnotnaC7 Posts: 27
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    It is an annual policy that renews every August, they plan to increase premium from March. 
    Alternative quotes would be difficult if not impossible with Covid-19.
    Will post in insurance forum thanks
  • AnotnaC7
    AnotnaC7 Posts: 27
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    Reposted in Insurance forum
  • Thrugelmir
    Thrugelmir Posts: 89,546
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    AnotnaC7 said:
     Can they legally increase a premium by this much mid term?
    Unsurprisingly the claims rate has increased substantially. Insurance is a pooled risk. Insurance companies cannot afford to run books at a loss. 
  • I've had the same happen to me over the course of the Pandemic. Initially was paying approx £22, now increased to £82.60 a month. There are very few insurers offering Income Protection and some insurers have cancelled their cover altogether. I too wanted to ask the same question so thank you for posting. 
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