Redundancy Insurance Premiums up 43%

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.

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

Synergy Protect with their UK market leading redundancy insurance has now announced that their unemployment only insurance rates will be increasing 1st October 2009 by just over 43%. All other features of the unemployment cover remain as 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 plus a £2 plan fee will be payable on the new and current rate.
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 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.