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unemployment insurance

In the current financial turmoil, with thousands of people being made redundant every week in the UK, Unemployment insurance is becoming more and more popular. Are you one of the 40% of British people who have less than a month of salary set aside if the worst happens?

Click here for an Unemployment Insurance quote


Read the insurance policy documentation very carefully. No two unemployment insurance policies are the same in the UK and there will be one that will be more tailored to your needs than all the others. Once you have allotted to go with a particular unemployment cover there will usually be a cooling off period (usually 2 weeks), during which you may cancel your policy with no cost to you provided, of course, you have not claimed on your cover in this period. Also note that you will have to hold your policy for a period of time before it becomes valid. This is to stop people taking a unemployment insurance UK policy out only when they feel that their redundancy is imminent or that they have heard that it is likely. Currently few insurance companies are offering unemployment only insurance cover and these are disappearing quickly.

Mortgage Protection Insurance

unemployment insurance uk  

Mortgage payment protection insurance or MPPI is similar to unemployment insurance and allows you to protect yourself against redundancy and / or accident and sickness and providing you with a degree of insurance assistance with your mortgage repayments.

As with  car insurance or unemployment cover a number of caveats apply. In the UK if you are made redundant or formally put at risk of redundancy within a certain time period of taking out your policy your insurer will reject your claim. This time period is usually of the order of 4-6 months, but check each insurance policy before you buy. The unemployment only insurance cover will usually pay out for only a set period of time, often a year. Check all the small print to insure that you qualify before taking out a policy.

Critical illness insurance usually covers you for death or surviving a critical illness like for example cancer. Again like all other policies it is good to compare different policies and understand what the definition of critical illness is. No one knows what disease might strike them down, but ask yourself questions like.

What is the unemployment insurance company's definition of critical illness.
What illnesses are covered.
Might this be regarded as a pre-existing condition.
How would the insurance company feel about you going back to work again and still claiming.

If you have decided to go ahead and get a quote, here are some hints and tips that may reduce the cost of your unemployment insurance premium.

  • Shop around you will find that getting several quotes will lead to a wide range of prices.
  • Don't be tempted to go with the first quote.
  • Unemployment only insurance products are disappearing off the market, you may have to be quick to get one.

The unemployment cover on this site allows you to protect yourself against redundancy, accident and sickness, or accident and sickness only, or unemployment only insurance this flexibility allows you to decide which is the best policy for you.

There are several names for this type of cover and they can get confusing. ASU - Accident, Sickness and Unemployment Cover covers these three situations or one or two of Accident Sickness or Unemployment. ASU can also be called Mortgage Payment Protection Insurance or MPPI the idea being that it will pay your mortgage in the event of unemployment. They can also be referred to as Income Protection Cover depending on whether you intend the unemployment insurance policy is to protection your income or cover your mortgage in the event of unemployment or accident or sickness.

You may notice that there is a great difference between the costs of various unemployment insurance cover policies in the marketplace. Often the cost of policies offered by the company arranging your mortgage will be many times that of policies that you can find in the rest of the market. You will probably find that a UK unemployment insurance sold by your mortgage arranger and cover arranged by yourself will have very similar features, but you should always satisfy yourself that this is the case before entering into a financially binding arrangement. In particular checking that you are eligible for the insurance cover, what the insurer regards as unemployment, for how long will the insurance policy pay out and how soon after taking out the employment insurance policy can redundancy take place and the policy be regarded as valid.

The UK Conservative government are being forced by circumstances to cut costs. Whether they do this by increasing taxes or cutting costs, jobs have be lost. UK citizens are still unprepared for the consequences of large scale redundancies with perhaps multiple breadwinners in a particular family being affected. This coupled with less likely benefits over coming budgets will put a serious strain on the UK's finances. Chose your unemployment insurance cover carefully. While it is possible often to move between policies, the policyholder should check the terms and conditions for the implications of notice of redundancy during the changeover period.

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Updated 20 Apr 2015