Insurance – QuoteMe4.co.uk

With the confirmation that Synergy Protect will cease all new applications for unemployment insurance at the end of October 2009 this will certainly leave a gap in the market.

No other provider offers this level of cover that can be used to protect your lifestyle with such flexibility to choose between £100 and £2,000 per month cover no matter how much you earn or how much you pay on your mortgage or rent and all this with only a 30  day qualification period (initial exclusion).

I’ve yet to understand why so few know about this product even moneysavingexpert.com has no mention of the product even though its been avaiable in its current form since 1 July 2009. Instead they recommend an alternative thats more expensive has a 120 day initial exclusion (ouch) pays them commission and is limited on how much it can cover. This is truly a gem that when its gone will surely be missed.

Click to obtain a quote for unemployment income protection

With more of us wanting security if made redundant the last thing we want to have is the cost of our cover increase.

Most Mortgage Payment Protection Insurance (MPPI) policies are monthly re-viewable. This gives the insurance company the option to alter the terms of the cover with only 30 days notice and impose a price increase typically because of higher than expected claims in an economy that has seen records redundancies and claims on such policies.

This leaves the consumer in a difficult position as they are not able readily compare the cost of cover as the price could alter soon after you have made your application.

With more providers imposing restrictions on cover so that you can only take out cover in connect with a new mortgage or mortgage review this can leave some with little choice as they cannot easily get replacement cover.

It’s time that this option which allows insurance companies to impose such increases be outlawed as its unfair and is does not fall within the “treating your customers fairly” as outlined by the Financial Services Authority (FSA).

Some providers now offering annual renewable MPPI policies that give the consumer a fixed price for their cover over a 12-month period. This is certainly preferable to the current arrangement and is likely to be the future as the Financial Services Authority influence product development with terms that are not detrimental to the consumer.

For more information or a quote on quality MPPI cover visit www.quoteme4.co.uk

Buy your unemployment insurance from QuoteMe4.co.uk and get the chance to win an iPod Touch worth £165 (full terms and conditions are on the website).

In the current employment economic climate with more of us feeling uncertain about our financial future having unemployment cover to ensure your income would continue should you be unlucky and be one of the many being made redundant does make sense and help put your mind at rest.

Unlike most unemployment cover thats linked to a debt such as a mortgage or loan Synergy Protect offer cover thats totally independent, which gives you the freedom and flexibility to cover any amount from £100 per month benefit to £2,000.

With only a 30 day activation (exclusion) period your cover provides valuable protection after the 30th day.

Time is running out to get this cover as the price from 1st October will be increasing by over 43% so don’t delay.

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 1^st 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 30^th 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 1^st 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.