We have recently undertaken a review of our Income Security product and this has resulted in an increase to your base premium. This will take effect from your annual renewal date.
We regularly review our products to make sure they are suitable and continue to protect what matters most to our Members now and for the future. These reviews also consider the future costs of providing cover, economic indicators and the financial requirements of the business.
As a mutual we are not driven by profit - any profit we do make is reinvested into the business to support our membership. While there was a premium rate increase last year, this is only the second increase we have introduced for our Income Security product since 2011. Our decision to make this increase has been carefully considered.
The increase to base premium rate you will see reflected in the annual renewal notice is 10%.
If you would like to discuss this or any other aspect of your cover, please contact us on 0800 800 627.
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