unemployment insurance

Fire_Fox

aah wrote: »

Hi my bank are trying to sell me unemployment insurance, hsbc life choices.

It will pay out if I am made redundant after 60 or 120 days of policyholding.

I don't know what this means. Does it mean 60 or 120 days after getting an "at risk" notice ,or 60/120 days after boss has told us there will be redundancies OR 60/120 days of formal consultation....

This is crucial to me so please please advise.

Many thanks
aah

It's worth finding out if your insurance payouts are counted as income (basically depends on whether the insurance pays bills on your behalf or just gives you money). If they are you will have to declare them if you claim for any benefits, and the benefits will be reduced accordingly.

ah_heng

Like many of you, I'm tempted to invest in such insurance. My question is, I am a dependant to my wife who got a work permit to work in UK. If I buy these insurance, and SHE lost her job. Which means that I have to leave the country as well because I do not have work permit. Can I claim for such insurance?

Many thanks.