Unemployment Cover : What This Covers
Unemployment cover can be purchased separately to life insurance but tends to be rather expensive and many product providers have complicated claims criteria and procedures.
You elect at the beginning of the policy some simple criteria;
- how long the protection in place (same as the life cover term or less if more appropriate)
- how long it pays for; 1 year or 2 years
- how quickly it starts; 1 month or 3 months
- how much monthly cover you require being paid out
A “Simplicity is Divinity” approach to customer service, in what will be a difficult and unnerving situation, some UK insurers have made the cover and the claims procedure simple and transparent.
Unemployment Cover : Who Needs This The Most
In the 1970’s, 1980’s and most of the last 3 decades unemployment was an affliction more associated with industries going through computerised change and those affected by global market conditions and the ability of eastern nations to provide cheaper manufacturing.
Unemployment protection had not really been available to the mass market as a protection product and where it was the restrictions outweighed the benefits.
A new global crisis; our global economy has been through the most dramatic change ever, affecting how banks lend, and placing huge pressure on business small and large.
So, who needs unemployment cover the most – unfortunately we all do for the foreseeable future; Some insurers have made the product simple and compared to other luxury items we enjoy for as little as just over £1 a day this should be the most important purchase of them all.