Recommend Me Redundancy Insurance Cover Firm Please

thundyuk

Hi there,

I'm looking to get myself some redundancy cover - an ASU effectively but not fussed about the accident or sickness aspects as I have that already via work so if I was ill or hurt I'm covered ironically. 

My job is currently secure but medium term (18 months or more) I do have some concerns, but nothing official at all just a feeling, so thought I'd try look into some cover.

Are firms much of a muchness or can someone recommend me?

I did mess around with some quotes on a rival site and found cover for payments of £1000 per month for a year, at a cost of around £32 per month which seemed fair enough.

Appreciate any thoughts or advice

Southend_2

Price seems about right. I recently got £1.5k per month ASU cover for £42 ish monthly through a broker called Howden Life which i was directed to via one of the big insurance comparison websites. I found Howden helpful and the price when they called to discuss my needs and circumstances was cheaper than the online quote.

thundyuk

Brill, thanks. I'm hoping to do it all online but I'll speak to someone if I have to

DullGreyGuy

Just remember that ASU is an annual insurance product and not a long term insurance like PHI. As a consequence premiums are free to move each year and insurers can decide not to offer renewal terms.  We had a lot of posts on here in 2020 in the Insurance section saying either their policy had tripled in costs or the insurer had simply not renewed it. Most insurers also stopped offering new business during Covid so if you policy didn't renew you couldn't buy elsewhere. 

thundyuk

DullGreyGuy said:

Just remember that ASU is an annual insurance product and not a long term insurance like PHI. As a consequence premiums are free to move each year and insurers can decide not to offer renewal terms.  We had a lot of posts on here in 2020 in the Insurance section saying either their policy had tripled in costs or the insurer had simply not renewed it. Most insurers also stopped offering new business during Covid so if you policy didn't renew you couldn't buy elsewhere. 

Cheers. Yeh one of them did ask how long I wanted cover for when I was looking around, and it had the option for up to retirement but I wasn't really convinced it would remain valid that long.

I suspect I'll just find a new provider (if I can) every year or so.