Are you allowed more than one unemployment insurance

llionjones1

I have quite a good job and take home around about £4k per month. I need to cover this income but can only find companies that will cover me up to £2k/mth. Am I allowed to cover myself twice?

OshayAway

Nope, sadly not. The limits are in place as a result of government legislation to ensure that you are not as well off (or better off) out of work.

For unemployment cover this is limited by your monthly mortgage repayments (plus associated costs and /or 25% or 33% on top of this figure) as well as a percentage of your income.

Any benefit will be tax free though and will not prevent you from claiming any state benefit you may be entitled to.

stormCat99

This caught my eye, as I know that you are not allowed more than one, but it always worries me that you are limited to how much you can cover for.

For myself, it's not too bad, the max cover I was alllowed covers almost all of my salary so it's ok. But for my husband, it is way off what he earns a month - most companies limit you to just £1000 of cover. This is not much good (well, better than nothing I know) when you earn several times that.

Obviously we have savings for a rainy day, and continue to save each month, but if the worst happened and he was made redundant then it seems very unfair that we are only allowed a small percentage of cover for his lost wages No matter how careful you are you cannot know what will happen in the future, and I thought that was the point of insurance - we'd happily pay a higher premium for a higher level of cover.

dunstonh

Companies will have restrictions based on their own re-assurers and underwriters and Govt limits. If £1000 of cover is not enough then go with a company that gives more.

stormCat99

dunstonh wrote: »

Companies will have restrictions based on their own re-assurers and underwriters and Govt limits. If £1000 of cover is not enough then go with a company that gives more.

I wish we could! I spent literally hours and hours searching the internet, and I did eventually manage to find a company that would give £1400 of cover - which we have obviously gone for. But this is still not enough to cover commitments should the worst happen. As I say, we're both very sensible and save a lot and live well within our means, but obviously don't want to have to eat considerably into our hard earned savings if my husband should get made redundant.

At the moment though, that would have to be the case. If anyone knows of anywhere that will allow a lot more then please post the link as we'd be very intersted...thanks :rolleyes:

llionjones1

The big problem I have is that although my income is good my outgoings are very high as well. That's all I wat to do is make sure that I cover my bills should the worst happen. Gettinf quite a bit short of what I usually earn is as good as getting nothing as it will still leave me up the creak with no paddle.

Any suggestions???