Any help/tips on choosing unemployment cover please?

bob_dob

ha Thank you Opinions4u, i agree with that excellent advice.
I have 3 months worth of savings already but even if i had 24 months worth i would still take out this, hopefully, temporary measure as, quite simply, for just £25-£40 per month it has to make sense. Why use your savings if you dont necessarily have to?

ACG

Im not a fan of ASU either.

I would suggest you look at liverpool victorias lifestyle plan. The AS part of ASU will pay out until your selected retirement age. It will cost more but i wouldnt have thought significantly more. I think nationwide do something similar.

They dont really cover builders and the like but if you do a less "risky" job you might be alright.

opinions4u

Why use your savings if you dont necessarily have to?

I would turn the question on it's head.

Why pay for seller's commission and insurance company profits when you have savings that can be used to cover you?

There is always a trade off with insurance. The companies exist to make profits and I have no problem with that. My house and contents could go up in smoke quickly so I insure against it. My TV may need repair or replacement, but although I could insure against it failing I take a view that multiple policies for household electronics and appliance would cost me more than simply saving up to replace them.

Unemployment cover is somewhere in the middle. When Mrs o4u was made redundant a few years ago we muddled through by dipping in to the savings that we'd set aside for exactly that reason. But we'd only have received around a year's premiums anyway had we contributed to a joint ASU policy. Saving for the event proved to be better value for money (although I accept that if she'd been out of work longer this would have been different). I've also seen the profit margins these policies make in good economic times .

I'm currently "between positions" but from a set of circumstnaces that no self-respecting insurer would pay out for. Contract expired and didn't get renewed. But I set money aside to cushion the possibility. Any profit margin in self-provision stays with me!

bob_dob

Brilliant!! Thank you for good sound advice!! And Good luck getting your next position!