Unemployment Cover

What is Unemployment Cover?

Unemployment cover is a type of income protection policy. It serves as a replacement income if you lose your job due to involuntary redundancy.

How does it work?

In exchange for a monthly premium you will be insured against the loss of your job. If you are made redundant involuntarily during the period you are insured, you will need to get in touch with the policy provider and make a claim. Once your claim is accepted you will receive a monthly payment of a percentage of your income to cover you until you are able to work again.

What is Not Covered?

Each insurer has different policy exclusions so discuss with us the coverage and how wide you want it to be. Generally, a wide coverage will result in a higher premium, but provide you with greater protection against more risks. If the risk is not covered, then the insurer would not pay out in the result of a claim. For example, leaving your job voluntarily would not be covered.

Insurance Obligations

You are obliged to be truthful with the insurer and tell them about any material facts. Please also be aware that most policies include a waiting period before payments begin. Make sure you check the policy to see how long this period is.

How much does Accident & Sickness Insurance Cost?

The monthly payment amount will depend on various factors including your average monthly income, profession and previous claims history.

If you would like to discuss whether unemployment cover could help you, please contact us for a competitive quote.