It is important to remember that Unemployment Cover will only likely cover you if:
- You are made redundant through no fault of your own
- You weren’t aware of your redundancy at the time of taking out the policy
- You register with your local job centre as unemployed
- You submit a successful claim to your provider
Assuming your claim is successful, the insurer will start paying you the agreed monthly benefit to replace your lost income up until you either return to work or reach the maximum benefit period for your plan which you will select at the start of the policy.
It is important to note that Unemployment Cover is not likely to cover you if:
- You resigned or became voluntarily unemployed
- You chose to take a career break or sabbatical
- You became unemployed due to your own misconduct, fraud or dishonesty
- Your unemployment is because of any industrial action
For the reasons above, we don’t normally recommend Unemployment Cover to the Self-Employed or Company Directors because they are technically employed by themselves, and therefore unable to claim for unemployment.
Frequently asked questions
What is Unemployment Insurance?
Unemployment Insurance is designed to support policy holders who unfortunately lose their job through no fault of their own.
Defined as a type of income protection insurance, if you happen to lose your job, your monthly bills can soon stack up, which is where the benefits of Unemployment Insurance come in.
With our unemployment insurance policy, we, the insurer, would agree to pay out a tax-free monthly income to help support you financially during your unemployment period for as long as you are unemployed, or up to the maximum period of your plan, which is usually between 12 and 24 months.
Who is eligible for Unemployment Insurance?
Anyone is eligible to apply for Unemployment Insurance as long as they are in full time employment or working part time for at least 16 hours per week.
You are usually eligible to claim for Unemployment Insurance if you:
• were made redundant through no fault of your own
• weren’t aware of your redundancy at the time of taking out the policy
• register with your local job centre as unemployed
• submit a successful claim to your provider
In what circumstances am I not eligible for Unemployment Insurance?
There are some circumstances where you are not entitled to claim on your Unemployment Insurance policy including:
• if you resigned or became voluntarily unemployed
• if you chose to take a career break or sabbatical
• if you became unemployed due to your own misconduct, fraud or dishonesty
• if your unemployment is because of any industrial action
We do not recommend Unemployment Insurance cover for the self-employed or company directors, as they are their own employer, and therefore cannot claim for unemployment.
How long can I receive Unemployment Insurance after I lose my job?
As part of our Unemployment Insurance policy, if your claim is successful, you should expect to receive support during your unemployment period, or up until you reach the maximum period of your plan. The maximum period is typically anything between 12 to 24 months.