We’re sorry, but you can’t get quotes for unemployment insurance. Lots of insurers aren’t providing redundancy cover anymore because of coronavirus. You can still compare accident and sickness cover though
It’s a short-term income protection policy. You'll hear it called unemployment protection insurance too.
It provides cover for your income, for up to 12 months, if you're unable to work due to involuntary redundancy. It can be used to protect things like your income, mortgage payments or loan and credit card repayments.
If you’re concerned about being made involuntarily redundant, unemployment protection can give you the peace of mind that you’ll still be able to pay your bills if you lose your job.
It can cover your outgoings while you look for something new, which could really take the pressure off while you’re job-hunting.
After you’ve made a claim and it’s approved, you’ll start receiving payouts. Payouts are usually no more than 70% of your annual income before tax. With some policies there'll be a capped limit instead.
It can be paid either straight away or after a set amount of time (deferred payments). Though most only pay out after a deferment period.
You’ll keep receiving the payments until you get back into work, or for however long the term lasts, which is usually a maximum of 12 months.
There are circumstances which would mean that you’re ineligible for unemployment protection. These include working in your current role for less than six months, being over a certain age or working part-time.
You'll usually only be able to get redundancy insurance if you're in full-time employment. If you're self-employed, there are options available from specialist insurers, but you may be required to prove your income.
You can choose between an unemployment policy or an accident, sickness and unemployment policy.
Accident, sickness and unemployment (ASU)
When you get a quote with us, we’ll make it easy to get the right amount of cover:
You can choose to protect your income, mortgage, loan or credit repayments, or simply pick ‘other’ to choose an amount
For an involuntary redundancy policy, this will usually be restricted to a maximum of 12 months. Other types of income protection may offer longer benefit periods
The usual details like your name, date of birth and information about your job
If you can get by on less, for example if you have savings you can use, there’s no need to pay premiums for 70%
You could knock your payments down by delaying your unemployment protection payout if you could live on savings for a few months
If you’re willing to keep paying for your policy while you’re receiving a payout, you could save
As your circumstances change, you might find you're able to decrease your cover
Always compare unemployment insurance policies to make sure you’re getting a great deal
Yes, as well as getting cover for redundancy, you can get policies that also cover accidents and sickness that stop you from working.
This depends on various things like your age, smoker status, income needs and length of cover. For a personalised idea, get a quote from us. Your employment status will also factor into the calculations of your quote.
If you become unemployed by taking voluntary redundancy or resigning, take a career break, become unemployed due to your own misconduct or because of industrial action, you won’t be covered.
Unemployment protection isn’t the same as life insurance. Life insurance will pay out when you die so that your loved ones won’t have to worry about paying funeral costs or any outstanding debt. But you’ll have to be very much alive to benefit from unemployment protection.
State benefits can come in handy, but they may not be enough to cover your salary or pay your mortgage and bills.
No, you’ll only get a payout if you make a legitimate claim on your policy.
No, each policy is tailored to the individual.