# Unemployment Insurance



## pete330 (Apr 18, 2006)

As title
Anyone taken out Unemployment cover protection to cover there income?
As i am away to get on property market and scared of the thought of then loosing my job for what ever reason,i think i should be looking at getting some insurance

Did think of maybe looking at it this way

Most will only pay out after your 31st day of being made redundant (and a 90 day wait)

Average monthly premium is £20

Mortgage/Rent (Its a shared ownership) tax and bills would come to around £800 PM
So maybe best put aside a lump sum only to be touched if i lost my job and hope i got another in under 2 months


----------



## sirkuk (Mar 5, 2012)

Who's your mortgage with? Check with them whether you can overpay without incurring costs and whether that these overpayments can be used in the way of a payment holiday in the future.

This way, if you lose your job, you can take a payment holiday if you needed to. If you don't lose your job, your mortgage will be paid off earlier. If you've got the money to put aside to do this, then go for it.

With income protection insurance, you can't have already been made aware of any upcoming redundancies when you take the policy out otherwise they won't pay. 

Sent from my GT-I9000 using Tapatalk


----------



## sirkuk (Mar 5, 2012)

I'll also say it's best to keep some savings back for any other household bills.

If you can't afford to keep much back or make larger overpayments, the insurance is up to you but it's £240 spent on nothing if you don't claim. Only you can make the call of how safe and stable your work is. Only with it in my opinion if you can't afford to put much away and think you'll be out of work for longer than a month.

Sent from my GT-I9000 using Tapatalk


----------



## Mr_Mephistophel (Feb 28, 2011)

Need to be careful with these, read the small print.
I was told my firm was closing and if I wanted to leave I had to do it that day. I had another job offer so felt ok.
The very next day the receivers came in and shut the place.
The second job then fell through but when I tried to claim on my insurance the recievers told my insurers that I had taken voluntary redundancy so they wouldn't pay a penny.


----------



## borinous (Mar 25, 2010)

I have one of these as a bolt on to my life insurance. But as already mention i believe you are only covered if you are made redundant. if you leave of your own accord or are sacked your up a river without a paddle.

Most if not all morgage companys will allow you to take payment holidays but then its everything else you need to cover.

Im tempted to dump it now but for £20ish a month its a nice safety net in the event of me getting made redundant.


----------



## The Cueball (Feb 8, 2007)

I think it's a waste of money....

I know too many people that have been made redundant and they found something in the small print to refuse to pay out....

Take the money and save it.

:thumb:


----------



## Bero (Mar 9, 2008)

My previous but current thoughts on insurance on an iphone insurance thread.....



Bero said:


> As you know it's a 'must sell' for them as ON AVERAGE people don't claim and they make a lot of money from it.
> 
> If you take it at £15 per month it's £270 if you don't claim...and £320 if you do! Is there a limit to the number of claims in 18months? If it's one you could end up with a claim afer a month then no coverage for the rest of the time (but still have to pay the £15 per month as you've claimed).
> 
> ...


I also think the current push on identity theft insurance has the potential to end up like PPI! It's blatantly mis sold to people drumming up the down side when the bank HAS to cover you by law! You're paying to insure against a risk that is really the bank/credt card companies risk! But that's for another thread.


----------



## wayne_w (Jan 25, 2007)

Be very careful & read all the small print, then read it again..
We had it on our mortgage, the wife took voluntary redundancy rather than wait to see if she was 'on the list' anyway.
when we tried to claim we were told that because of this it would not pay put, it's fair to say that I now have a PPi claim going in


----------



## pete330 (Apr 18, 2006)

Thanks for all above replies
`
I don't intend walking out or getting sacked lol,but you are never sure these days whats round the corner and as i am about to make a huge step my mind is just working overtime,so looking at all avenues


----------



## Titanium Htail (Mar 24, 2012)

Nobody given these circumstances intends to walk out, if an offer was only made for the first wave you may then have to look at accepting any money given. How long have you worked for this company, if it is not a long time, then in doing the maths a true picture may emerge, if you were to get one weeks wage for every year worked plus any holiday pay or if a local agreement was more, ask your company if they have a policy document or set agreement. Are you in a union they may run a plan that is cheaper and as said, you can offset your house payments, and then increase them to catch up over time when able, it was all the others collective costs and outgoings that became an issue.

I have been made redundant twice and with a young family, once where the company shut down, the second one where having got a new job, that last in first out and 100 more was implemented these are difficult times and I applaud you in trying to protect your income, I with experience would still go as said with saving and keep the extra in your back pocket if possible.

Take care.


----------



## pete330 (Apr 18, 2006)

Thanks been with company 11 years
so basically these policys wont pay out if you leave or get sacked
and normally if you do get paid off then you would get like 90 day notice,so adding that up,then the policy may be a waste of time


----------



## The Cueball (Feb 8, 2007)

and they may ask you how much redundancy money you got...

annnd, tell you that you MUST register at the job centre in order for their policy to pay out... even though you don't want the dole money, and know for a fact that the job centre doesn't have your jobs there... so wasting your time and money even more when you need them both the most to find a new job...

:thumb:


----------



## s2kpaul (Jul 27, 2006)

I have lifestyle insurance, which pays out a certain cash value each month if your ill or jobless. IT offers a little peace of mind for me.


----------



## Bero (Mar 9, 2008)

Lifestyle insurance? Jeepers - you really can insure anything these days!

Might try track some down incase my next curry causes ringsting!


----------



## s2kpaul (Jul 27, 2006)

thats what its called LOL


----------



## jimbo1 (Nov 24, 2007)

as everyone says keep the money in your pocket, my missus got made redundant two years ago and they made up excuses not to pay.


----------



## lofty (Jun 19, 2007)

I took out a policy in 1996 and was made redundant in 1999. I decided to go self employed ( best decision I ever made) but had to sign on the dole for 6 weeks to get certain grants etc to start my business.The dole asked if I had any income/ mortgage protection, when I told them what I received from the insurance they simply deducted that amount from my dole money so I was no better off.Things may have changed but it was a total waste of money for me, I cancelled the policy as soon I stopped claiming dole.


----------

