What About Unemployment Insurance?

Article published on 20th May 2008

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Income protection does not necessarily cover you for unemployment, just absence from an existing job. Many insurance providers can add unemployment cover to your policy for an increase to your premiums, but are you sure this is the path for you?

You could conceivably benefit from putting the money you would otherwise spend on your unemployment cover into a high-yield savings account that you are guaranteed to access at some point in the future, rather than sinking it into an insurance policy you may never claim on.

If you don't have a paid job but instead look after a family from home, you might want to consider insuring any dependent family members (or ‘house persons’) like children.

Sons and daughters don't come cheap and if an injury prevents you from looking after them they will still need to be fed and clothes and may need guidance and protection. If there are no other family members who do not work out of the house you may have to rely on home help or something similar, but these potential outlays all mount up. However, you can typically insure ‘house persons’ for around 10 to 20 thousand pounds, so it might be worth looking into.

Please feel free to contact one of our advisor's for friendly free financial advice on 0808 1782 777.

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