Redundancy Insurance 27 January 2021 at 7:37PM in Redundancy & redundancy planning 5 replies 434 views

AnotnaC7

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?

General_Grant

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

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

Reposted in Insurance forum

Thrugelmir

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. 

Kerryb234

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.