Synergy Protect the UK?s market leading provider of redundancy insurance has announced that their unemployment only insurance rates will be increasing by just over 43% effective from 1st October 2009.
This announcement follows a review with their re-insurers Hamilton Insurance Company and is likely to be followed by further changes as the product will be only be available until 30th October 2009. All other features of the unemployment cover remain as this stage unchanged.
The new rates per ?100 of unemployment benefit are ?3.95 plus a ?2 plan fee, this ?1.20 per ?100 more than the current rate of ?2.75 per ?100 plus a ?2 plan fee.
Once introduced in October the cost for ?1,000 of unemployment only redundancy cover will increase from its current rate of ?29.51 to approximately ?41.50 for same monthly benefit for new applicants.
This positions the product more in line with other similar redundancy insurance products on the market.
Pipeline cases will have 4 weeks to complete on the current rate of ?2.75 after this deadline the new rate will apply.
Unemployment insurance pays out a monthly amount if you are made involuntary redundant and are actively seeking work.
For those who are undecided on cover they better act soon as there is only a few weeks left to get cover on the lower rate. John Garcia from quoteme4 confirmed that with those terms this maybe your last chance to get redundancy cover at this rate for some time. ###
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