QuoteMe4.co.uk Blog

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.

The UK’s market leading provider of redundancy insurance Synergy Protect may soon withdraw their product, which has been at the forefront of unemployment only cover during the last few months as a result of their low pricing strategy and generous cover terms.

The facility to cover any amount from £100 to £2,000 per month with cover not linked to your income or any debt such as a mortgage or loan has provided peace of mind for many in the current economic climate.

At just £29.51 per month for £1,000 per month for redundancy only insurance cover its 30% cheaper than any rival plus with only a 30 day initial qualification period (exclusion) for new policyholders you can see why this unemployment cover is ahead of the pack as most other providers are 60, 90 or typically 120 days.

Benefits are paid back to day 1 after a 30 day waiting period and a valid claim is paid for a maximum of 12-months.

This policy is now under review and in its current form will only be available until the end of Sept 2009.

After this its future for new applications is at this stage unknown.

John Garcia from quoteme4 confirmed that with those terms this maybe your last chance to get cover before the product is withdrawn or the terms are altered.

For more information on this cover visit www.quoteme4.co.uk