With claims on the rise protecting your income from job loss with redundancy insurance is more important than ever. The cost of redundancy cover is on the rise and providers are withdrawing from the market. How can you secure the cover you need if the insurance company can make changes to your disadvantage?
With more of us concerned about redundancy and looking at protection we can sometimes focus on initial exclusion periods and buy whichever provider has the shortest. This does make sense as no one wants to pay for cover that is not providing the protection you need.
However price and initial exclusion should not be the only key purchasing influences when buying cover.
With claims on the increase you should consider providers not just because they are cheap but look deeper and ask yourself why are they cheap? Is a price rise due?
If you insure yourself with a provider with a market leading short initial exclusion and they accept anyone don't be surprised when they bump premiums. It's to be expected in a market with rising claims where they have insured the highest risks.
In past month I have seen providers pass on increases of 200% and more in premiums.
With stable employment you could consider switching your cover to an alternative provider without having to endure another initial exclusion. However some poor souls will be left with no choice either pay the additional premium or forget having protection altogether, because of the industry they work is high risk or changes in their employment means they might be at risk from redundancy and cannot get cover elsewhere.
With the temporary nature of unemployment insurance, where providers may alter your premiums or transfer your cover to another provider, reduce your cover or increase the excess does it not make perfect sense to consider cover that is fixed, that does not change and there are no unexpected detrimental changes made to your policy. With fixed cover there are no nasty surprises the premium is guaranteed and does not change and the cover terms cannot be altered to suit the insurer so you won't get the cover pulled away at a time when you need to rely on it.
QuoteMe4.co.uk are income protection specialist. We offer a market leading online quotation system where you may easily compare unemployment options, consider quotes from providers where you may transfer your existing cover, and easily see which providers offer guaranteed premiums.
With the option to cover up to £4,166 per month why not get a quote online and secure the protection you need to cover your income or mortgage from accident sickness or unemployment.
Contact DetailsCompany Name: Quoteme4Issued By: John GarciaPhone: 01872 277922Address: 186 Treffry Road, TruroCity: N/AState: N/AZip: TR1 1UFCountry: United StatesWebsite: Visit the website
by John Garcia (few years ago!)