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 actively seeking work.
Synergy Protect are one of only a few who provide peace of mind for those who have come to feel uncertain about their financial future with their market leading redundancy insurance.
However they have now announced that their UK market leading redundancy insurance policy providing unemployment only insurance will from 1st October 2009 be increased by just over 43% for all new applications from this date. All other features of the unemployment cover remain at this stage unchanged.
This announcement follows discussions with their re-insurers Hamilton Insurance Company and is unlikely to be the last as the unemployment cover will only be available until 30th October 2009.
The new rate per £100 of unemployment benefit will be £3.95, this £1.20 per £100 more than the current rate of £2.75 per £100. A £2 plan fee is also payable.
This will see the cost for £1,000 per month unemployment only redundancy insurance, rise from its current rate of £29.51 to approximately £41.50 for new applicants from October. Existing polices we are told will be unaffected by this price change.
Even taking into account the reprice of this cover it still offers good value considering 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 from the 1st October deadline otherwise terms will be offered on the new higher rate of £3.95 per £100 of benefit.
John Garcia from QuoteMe4 confirmed time is running out to get this market leading redundancy insurance product.
Tags: Income Protection, Payment Protection Insurance, Redundancy insurance, Unemployment insurance