Just been informed my premiums are going up from £34 to £73 per month…………….seems a pi%% take to me

I have avoided 2 rounds of redundancy and work seems to be steady(ish)

It does seem very steep- they’ve more than doubled the premium! Me personally, I would’nt ditch it altogether though, I’d try and negotiate a better deal. You never know what might happen and its better safe than sorry (no I’m not a marketing man for an insurance Co.! :lol:)

I thought I was safe at work and when asked how work was going I’d say “steady, but if it gets worse don’t think I’d get let go unless the Co. goes under” as I was a key member of the management team… guess what happened!?…yep the Company went under.

I’m glad now that I kept up my premiums for my Mortgage Repayment Protector, get the mortgage paid for which one less worry to contend with. 🙂

Bloody hell, how much?!? I pay ~£7!

Have you not got any family who could support you n the short term if the worst happened ?

74 is a massive hit. OK if you can afford it, but It would kill my finances.

Its a bit like critical illness cover… or is that also included.

Having seen the way you ride a bike, I would have thought that a shit hot accident cover would be money better spent :p

Richtea who’s that with and how much for as I’m just thinking about getting some.

Lowey has a good point re accident cover

Given current climate re negotiate and take the hit for another year????

Would you get a decent redundancy payout if you were let go? When I looked into it, the policy would only kick in after you’ve spent all of the money you received as a payoff so was pointless for me.

I walked away with a £10k payoff and found a job straight away so I wouldn’t have gained from it.

If you take out a new policy, which is the only way you could lower your premiums, the excess period between the start of the policy and the time after which you are allowed to claim after would be reset, could be 1-2 months from the start of the new policy.
Also as your company has made redundencies in the recent past if you did make a cliam they prob wouldn’t payout on a new policy as the insurer would argue that it was reasonable that you should have been aware that unemployment was a possibility.
My advice as an independent insurance advisor would be to keep the policy if you need the cover, although the increase is steep the wording of new policies are different to what they were 12 months ago in favour of the insurer or if you feel you don’t need the cover and can afford to take the risk then cancel it.

Just got my new quote – (northern rock unfortunately), for critical illness & income protection, they’re asking for an extra £20.00 per month, taking it up to £126.00 due to ‘an increase in claims due to the current economic climate’. The theiving t***s should wear masks, the f******g footpads.

Barnsleymitch, don’t go to NR for this kind of stuff. I worked there for a while selling it with mortgages…”not worth the paper its written on” was one angry caller after his claim was denied by the company.
I always found that it was overpriced and the small print was tiny. It was embarassing trying to sell it.

kind of rushed into taking on insurance, etc, with them when we took out a mortgage with northern rock when we lived in Cornwall a few years back -(they were the only company willing to lend the amount of cash you need to but a house down there – cant imagine why they nearly went bust !).
I’ve just started getting quotes from other companies, and to be frank, theyre all bloody extortionate.

When I bought my 1st house back in ’96 I took out health cover to pay off my £57k mortgage if I got seriously ill costing £30 or so a month – income protection seemed a waste of time to me so never bothered with that. After I few years I decided health cover was a waste of money too so stopped that as well. Only take these things out if the likelyhood of what you are insuring seems high enough and the problems you’d experience too great to handle.

Good adsvice from all of you – bigsi, you mention a lot of things that bothered me with regards to taking out a new policy – I would get a payout of around 10k or so but I’m pretty sure that the policy makes no mention of redundancy payout affecting when the cover would kick in. Really tempted to get shut but maybe just bite the bullit for the next 12 months……..when apparantly things will setlle a bit.

Barnsletmitch – nightmare isn’t it

<goes of to re-read policy to make sure it will pay out>