Unemployment Insurance Cover| Frequently Asked Questions

Frequently Asked Questions about Unemployment Insurance Cover

How much does unemployment insurance cost?

The premiums vary between policies and also between individuals depending on their requirements.

As a general guide, you should expect to pay approximately £2.40 for every £100 of benefit you want to receive.

Is unemployment insurance available to people who work part time?

Most Insurance providers will insure against unemployment as long as the policy holder is working more than 16 hours. However, this may vary depending on the insurance provider.

Are the providers of unemployment insurance regulated?

Yes, anyone who provides unemployment insurance must be registered with the FSA. This also means that if there are any problems or complaints that have not been satisfactorily answered, you are able to proceed to the Financial Ombudsman to resolve the issue.

What happens if the policy is cancelled without a claim being made?

In most cases, if the policy holder decides to cancel the policy there will be no refund owed or given. Before proceeding with any insurance policy ensure that understand the full terms and conditions.

Is Accident, Sickness and unemployment Insurance available to people with pre-existing health conditions?

Any pre-exisitng health conditions must be declared at the time of applying for the policy cover. In most cases, pre-exisitng conditions and related symptoms will be exempt from the cover and this will be laid down in the terms and conditions of the policy. The cover will however, be available and affective for any new conditions, accidents and unemployment claims.

Is it possible to purchase insurance to solely cover the eventuality of unemployment?

Yes, most companies will provide cover for unemployment, accident, sickness or all three eventualities. Obviously the premium will increase if cover is required for all three possible outcomes.

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