Income Protection Insurance - Price Increases

cwmd

Hi all, 

Have any of you with this type of policy had a recent price increases or indeed cancellation of policies ?

I have been informed of another price increase, which will result in the policy premiums being increased by 200% since the start of the pandemic.

Is this reasonable for the insurer to increase by such an amount, knowing that it doesn't seem to be on offer anywhere else in the market?

dunstonh

Have any of you with this type of policy had a recent price increases or indeed cancellation of policies ?

Virtually everyone with the budget income protection plans (PPI version) have seen this.   The PHI version hasn't had increases.

Is this reasonable for the insurer to increase by such an amount, knowing that it doesn't seem to be on offer anywhere else in the market?

Yes it is reasonable.  The fact PPI versions are almost non-existent now indicates what a hard market it is.  Premiums always go up in hard markets and down in soft markets.