UK Insurance News

Financial website Fool.co.uk has warned potential customers for redundancy or unemployment insurance, to be on their guard as pay-outs are subject to very restrictive criteria and as always it is advisable to read the small print before taking out any insurance product.

As unemployment grows dramatically on the back of the financial crisis, many people will be looking at such insurance to offer cover should the need arise.

Like the notorious payment protection insurance, policyholders can pay dearly for the cover only to find their claim rejected when the worst happens.

Some of the things worth bearing in mind when choosing this type of policy are:

• Redundancy insurance will only pay out on compulsory redundancy
• Claimants must actively seek work during period of claim
• Claimants must have been employed continuously for 6 months prior to claim and held policy for 120 days
• Payments will generally start after 30 to 60 days after redundancy or unemployment
• Claimants already aware of iminent redundancies should read the small print and proceed with caution

The leading UK independent insurance broker, Heath Lambert have secured a multi year deal with Motors Holding, a major retail division of General Motors UK, to act as insurance broker and employee benefits consultant to the company.

Heath Lambert saw off competition from other insurance companies Aon and Marsh to win the agreement with the retailers, following a team report and presentation from the companies Manchester office.

Paul Sorensen of Motors Holding said: “The Heath Lambert team demonstrated a clear understanding of our business and knowledge of the insurances we would need. The result was a simple, straightforward and competitive insurance solution that does what we need it to. We believe that by working with Heath Lambert we will benefit from having access to a dedicated and focused team who will deliver a tailored service to each of our retail operations.”

I recently received a  notice from Prudential to remind me that my buildings insurance was due for renewal at the end of the month, this is quite normal of course, but I was staggered by the new premium.

Bearing in mind that I have had this insurance with the Prudential for at least six years and have never made a claim against the policy, I was amazed to learn that the renewal premium would be £420.00!

I hastily shopped around and found that there are many discounted offers available for this cover and found a like for like policy for less than £300 was being offered by several insurance companies. Customising the policy to suit my current needs ensured a further saving.

I had intended to go back to the Prudential and allow them to explain the reasons for the increase in premium, but later considered that as an existing customer of the company, they should be offering me their best deal. And so I duly took out the insurance with another company.

It is about time that insurance and financial institutions looked after their existing customers and made sure that these clients are getting the best deal possible, instead of offering huge discounts to attract new business and ignoring and over charging their current customers to compensate.

UK Football agents are being targeted by the latest specialist line from Jardine LLoyd Thompson with their current Financial Risk insurance offering.

FIFA licensed football agents are required by FIFA regulations, to have in place Professional Indemnity insurance for a minimum limit of  €75,000.

JLT offer a fast, simple and effective cover from €75,000 and up to in excess of €500,000. The company offers agents easy payment terms and an instant outline of cover online, before applying.

Jonathan Cole, Partner, Jardine Lloyd Thompson explains “Agents want a competitive, easy to understand process with a policy that delivers to FIFA expectation and keeps them compliant. We want to make this process as simple and as clear as possible, and be on hand to offer clear advice throughout the process.”

It seems that many of us have a memory block when filling out insurance proposal forms, as a review by AXA claims that one in fourteen applicants give false information about lifestyle and previous medical conditions when applying for cover.

Alcohol intake and smoking habits are often scaled down when the proposal form appears, but things like depression and back problems, common enough general health problems, are often overlooked when it comes to disclosure.

It was also found that many applicants were prepared to lie about their weight, with women twice as likely to do so as men.

The age group 18 to 34 years old are most likely to withhold or include false information when looking for insurance, while over 55’s present the most accurate information.

AXA estimates that 25% of Britons incorrectly believe that they will face large premium increases if they are honest about particular lifestyle habits or medical conditions, Whereas conditions that affect a large proportion of the population, such as depression and back problems, are unlikely to have a significant impact on premiums.