ASU cover issues

BoarderGaz

Hi,
I’m hoping someone on here can give me some advice. I have an ASU policy with Realm Protection, but they’ve just written to me to say they’re changing the insurer on my policy and as a result, they have to remove the accident and sickness part as the new insurer doesn’t have a licence for this (currently), oh, and to add insult to injury, my premium is going up from £38 to £61.  

A quick google tells me that unemployment cover if difficult to obtain/expensive currently due to COVID, but it’s the Accident and Sickness part that is more important to me. Also, since I took this policy, I’ve turned 40, will this all have a negative impact on my ability to get a decent quote with good cover if I switch to another provider? Has anyone had a similar issue? Any suggestions for who I should speak to? 

Any advice gratefully received! 

Thanks. 

dunstonh

but it’s the Accident and Sickness part that is more important to me. 

In which case, you really shouldn't have PPI but PHI instead.   PHI - permanent health insurance - is the best form of income protection. It doesn't cover unemployment (you would use a PPI for that) but it covers long term illness and it is underwritten at point of sale and not point of claim.

Any suggestions for who I should speak to? 

There is no point us mentioning providers as we don't know enough about you to say but any local whole of market protection adviser or IFA would be able to source PHI.    It is very little coverage on comparison sites (who tended to focus on PPI instead as its easier for them).

csgohan4

The risk appetite for PPI is currently low for insurers and alot of the insurers have pulled out due to covid due to the high claims, understandably. The premiums are re viewable and cover can be cancelled by the insurer, it clearly doesn't seem sustainable business model given a higher chance of claiming. 

The older you get, the more expensive any health related product you get

As above get an IFA to get quotes for PHI is far more superior and choose products with fixed premiums. MSE does a good article on life assurance who's providers also do PHI