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Unemployment Insurance Covers Monthly Finances

Apr 16, 2008
For Brits concerned about what to do to cover their financial needs in the event of job loss, there are several options in the form of unemployment insurance. This is an insurance protection that helps citizens protect themselves by buying either mortgage protection or salary protection to cover redundancy. Covered events that could trigger payout of the unemployment benefits include such things as accidents, illness, or others.

There are a lot of different product and provider options available to insurance prospects. Consumers need to do their research and be extremely cautious when evaluating these options. The first choice in the selection process is for the customer to decide between a mortgage protection plan, loan protection plan, and a salary protection plan. While there are a lot of similarities between the basic coverage types, there are some subtle differences, including allowable payout percentages, and premiums.

There are some other small, but extremely impacting difference between products and providers. The Office of Fair Trading (OFT) and Financial Services Authority (FSA) are both investigating the payment protection industry (PPI) as wella s the Competition Commission who is looking to suggest updated regulation for providers beginning in 2009. There have been some discrepancies between providers in terms of the ethical practices used when selling the insurance. Insurance brokers and unemployment insurance specialists tend to have a stronger reputation for seeking to match consumers up with the best insurance at the best rates. Large banks and lenders, however, have come under fire for questionable, potential unethical mis-selling practices.

Part of the investigations by the OFT and FSA stems from claims that large institutional providers have been selling policies to customers who have no ability to make a claim. Retirees and part time employees, for instance, have bought the policies at times, in spite of their inability to collect based on the terms of the policies. The most important thing customers can do to put themselves into the best protection plan is to approach an insurance broker, perhaps through a web site, and share their particular needs. A specialist is more likely to look to protect the customer's rights while finding the appropriate product or solution.

Some institutions regularly combine their unemployment insurance with other financial products and loans, such as mortgages and credit cards. Unwitting customers often take on payment protection insurance premiums without realizing, or because of a sense of obligation or no options. Banks sometimes deceptively package their policies with the other financial products and neglect to mention it is not required. The problem for the customer is that premiums through the large institutions are often 40 to 80 per cent higher.

Payouts for unemployment insurance vary based on the policy and terms. Some plans provide more coverage at a higher premium cost, while some are lower, depending on the customer's situation. Plans commonly provide monthly income payments ranging from 12 to 24 months. Payouts usually begin from 30 to 90 days following the triggering event, depending on the terms outlined in the policy. As with any insurance, customers need to understand their needs and insurance requirements before agreeing to terms.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of unemployment insurance.
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