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Unemployment Insurance

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What’s the best insurance against being unemployed? It may seem a tad literal, but unemployment insurance will allow you to keep paying your bills even if you lose your job. Also known as income protection from redundancy, unemployment insurance is designed for this era of mass job uncertainty. Whether you’ve been promised retirement after 20 years at a particular company or have just started in the mail room, having a guarantee that you’ll never experience a lapse in your income makes life much easier.

Who is Eligible for Income Protection against Redundancy?

There is income protection for the self-employed, contract workers, sub-contract workers as well as for those employed by a company. Someone who knows they’re going to be made redundant may not qualify for the insurance. However, if you feel that your industry may experience a slow down or retraction in the coming years, unemployment insurance is an excellent way to anticipate shortfalls and protect yourself against financial discomfort.

What Types of Plans are Available?

Unemployment insurance comes in a variety of different forms. There is ASU, or accident, sickness and unemployment insurance. There are also plans that focus on payment protection and mortgage protection payments. Certain types of plans place an emphasis on life insurance or health insurance options as part of the income protection package.
Each policy is designed to suit the needs of the individual policy holder. While these plans fall into certain general categories, the amount of the monthly premium, the percentage of benefits as expressed in gross monthly income and the total length of the benefit package varies from policy holder to policy holder.

What Factors Influence the Formation of Policies?

When you apply for unemployment insurance, you will likely be asked for your age, annual income, employment history and relevant medical records. These factors help insurance companies anticipate your financial needs and design an appropriate benefit package accordingly. An excellent employment history usually results in a higher benefit package. Depending on the type of insurance, benefits can range between 65 to 75 percent of your gross monthly income. Policy holders who choose long deferral periods and shorter benefit terms also have lower monthly premiums.
Policy holders who are in excellent health will also likely be offered a policy with significantly higher pay outs than someone who is in poor health. Those with histories of mental illness or other personal difficulties may not ultimately be able to secure unemployment insurance.