It is a UK Life Insurance policy which will pay the policy holder an income should they become redundant or made unemployed through no fault of their own.
Why do I need Unemployment Insurance?
In today’s uncertain financial and employment climate, you never know what could be waiting for you around the corner.
Becoming redundant or unemployed is not enjoyable at the best of times and it can have a devastating effect on your finances and lifestyle.
Could you continue to live at your current quality of lifestyle if you where to be made unemployed or experience redundancy? Could you continue to pay the mortgage or rent, loan repayments, utility bills etc?
Unemployment Insurance will pay you a monthly income free of income tax should you become redundant or be made unemployed by your employer through no fault of your own and it also includes accident and sickness insurance on the same Redundancy Insurance policy (ASU cover).
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Is Unemployment Insurance the same as Income Protection Insurance? No, Unemployment Insurance will pay you an income for up to 1-2 years dependent upon your specific policy. Income Protection Insurance will pay you a monthly income until you are fit enough to return to work or until your chosen retirement age. Please note however, that income protection insurance does not cover you against unemployment / Redundancy.
Is Unemployment Insurance the same as Redundancy Cover? Yes they are the same. Redundancy Cover is just another name for Unemployment Insurance (which is also sometimes known as Accident, Sickness and Unemployment Cover).
