Interesting News For the industry

On February 25, 2011, in Uncategorized, by Stuart Boseley

Interested in Redundancy Protection Insurance….

A few days back I heard some very interesting news of an announcement made by the government, today I have had that announcement confirmed by a very reliable source.

Currently all individuals making a claim for Unemployment / redundancy insurance are required as part of the claims process to register themselves with jobseeker as unemployed and actively seeking work. The AB1 form as its known is the form provided by jobseeker’s to the individual confirming they have registered. The AB1 is then requested by the insurer and forms an integral part of the insurer’s claims handling and verification process.

The government announcement confirms that they will no longer issue AB1 forms from the 1st April. I am not sure how this will affect individuals who have purchased income protection insurance policies or for that matter the insurer. It will certainly be one less worry or concern for the individual at what is an already difficult time, knowing you have been made unemployed is always stressful so from a clients perspective this is good news.

From an insurers perspective it will cause concern for that I am sure, they have not repsonded across the industry just yet but rest assured I will keep you updated when they do.

I’m looking forward to your views an comments on this news as it’s certainly an important question or topic that most customers want to discuss and understand clearly when they buy a policy. My guess is it will certainly raise a few eyebrows across the industry.

 

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