The Cost of Redundancy Insurance Up 43 Percent

Written By ipink edy on Saturday, October 26, 2013 | 9:11 AM


The last 12-months have seen a number of insurance companies withdraw their redundancy only insurance which pays out a monthly amount of income if you are made involuntary redundant and are actively seeking work.

Redundancy insurance provides peace of mind for those have come to feel uncertain about their financial future with their market leading redundancy insurance.

The UK's market leading redundancy insurance with only a 30 day initial exclusion has now announced that their unemployment only insurance rates will be increasing by just over 43%. All other features of the unemployment cover remain as this stage unchanged.

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This announcement follows discussions with their re-insurers and is unlikely to be the last.

This will see the cost for £1,000 unemployment only redundancy insurance, rise from its current rate of £29.51 to approximately £41.50 for new applicants.

Taking away their competitive pricing but leaving in place all the flexible features that are not available on any other product within the market, such as no mortgage or loan required, cover not linked to income.

Pipeline cases will have 4 weeks to complete otherwise terms will be offered on the new higher rate of £3.95 per £100 of benefit.

Time is running out to get this market leading redundancy insurance product.

Currently the only similar product on the market is offered by insure, who offer standard plan simply offering £500 per month accident sickness and redundancy cover for £25 per month, with no flexibility to alter the amount covered. However Insure offers the same flexibility in terms of no mortgage or income is required in order to be eligible for this cover.


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