What does unemployment insurance cover?

Unemployment protection insurance is designed to prevent unemployment causing irreparable financial damage to your family.

Premiums are calculated by each £100 of cover you require, e.g. if you want £400 of cover and the premium is £3.50 per £100 - your monthly premiums would be £14 per month.

Unemployment protection insurance cover will allow you to make sure that large monthly bills such as mortgage repayments are always sufficiently catered for. This monthly sum would then allow you to concentrate on finding new employment rather than concentrating on how to best pay the bills.

The uses of unemployment cover have been covered in greater detail elsewhere on this site, to read more about unemployment cover use the navigation bar on the left-hand side of the screen.

Unemployment cover can manifest itself in two different forms, Mortgage Payment Protection and Income Protection.

Income protection can be used to provide a monthly sum of money that is not specifically designed to pay off any particular monthly bills. This type of unemployment cover is more flexible than mortgage unemployment cover and as such is a bit more expensive.

Once you have selected the type of unemployment cover you need, you then need to choose the level of cover you require. Income protection insurance lets you select your cover level but it is often capped at a maximum level, typically between £1000 and £2000.

Unemployment cover policies specify the length of time any benefits are paid out over, for most unemployment policies this period is between 12 and 24 months. Benefits usually begin being paid after the claim period, typically one month, and continue to the end of the benefit period as defined within the policy schedule.

There is often also a set time at the start of the policy, during which the policyholder may not claim. This period is normally between 3 months and 6 months depending upon the provider.

Premiums are not affected by your age or gender, but they are affected by the amount of cover you want, and in some circumstances the length of the benefit period (most companies have a set period that is non-negotiable).

Unemployment cover is only available for certain people; please use the navigation bar on the left-hand side of the screen to read more about eligibility for unemployment contracts.

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