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Compare Unemployment Insurance

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Unemployment insurance is a form of income protection designed to offer you financial support when you unexpectedly find yourself unemployed.  Giving you peace of mind that your mortgage or rent and utility bills can be paid for, unemployment insurance is especially helpful if you’re without savings. To find the most competitive unemployment protection insurance quotes, search with Quotezone’s independent comparison tool.

How does unemployment insurance work?

If you’ve taken out unemployment insurance and suddenly find yourself without a job, the insurer will pay a pre-agreed percentage of your salary each month (often around 50-70%). Most insurers continue these payments for up to a year.

If I’m sacked, will I still get my unemployment insurance payments?

That depends on why your employment was terminated.  Unemployment protection insurance payments will only be made if you lose your job through no fault of your own.  If you had misconduct issues or simply left your job of your own accord, the policy will not cover it. 

Do I really need unemployment insurance?

In the UK we are fortunate enough to be eligible for certain financial benefits when we find ourselves unemployed. To decide whether you need unemployment insurance, calculate how much government support you would receive if you lost your job and whether that would cover your essential bills.

If you would struggle to cover the likes of your mortgage or rent, utility and food bills, and if you don’t have savings to fall back on, unemployment insurance is a helpful safety net.

What are the disadvantages of unemployment insurance?

There’s no denying that this type of insurance offers a stress-relieving financial cushion, but there are downsides to consider:

  • In most cases, you won’t get your payments immediately, and if you have no savings, this could result in a ‘tight’ month or two.
  • It only applies to forced redundancy.
  • This particular type of income protection isn’t well suited to the self-employed.

How much will I pay for unemployment insurance?

Monthly payments vary depending upon what you earn and what percentage of that you’d like to be paid.  The length of your deferred period (how long you’re willing to wait for payments after you’ve lost your job) will also alter the monthly cost.

On average, you’ll pay at least £50 a month, though this can be much higher if you’d like to receive a greater percentage of your income.

Can I add additional cover to unemployment protection insurance?

Yes – it’s common to add illness and injury cover, to make sure your finances are protected should you be unable to work for these reasons.

If you’re ready to secure your financial future, compare unemployment insurance quotes now.