Unemployment insurance

stuartjl

Hi, are these policies any good? do they pay out? Anything to watch out for, if i go for this type of insurance? Any good providers?


Thanks Stuart

poe.tuesday

I asked the same question recently
https://forums.moneysavingexpert.com/discussion/4482027

dunstonh

are these policies any good? do they pay out?

They pay out if you meet the criteria. If you have a finanical need then they were worth it.

Anything to watch out for, if i go for this type of insurance? Any good providers?

Dont buy by price. There are not all equal on T&C. Budget ones can be harder to meet claim criteria.

opinions4u

I think they're overpriced.

I'd suggest building up a savings contingency fund (e.g. 3-6 months net salary) would be better value.

Of course, there is the period of time before such a fund is accumulated ...

ACG

Im not a huge fan of them in the main - that being said, i do know people who have claimed on them.

I would say a lot depends on your job/industry. Are you likely to be made redundant? Funeral parlours, debt collection agencies are unlikely to be making you redundant any time soon. Something in less demand though and it could be a good idea.

Try this:
http://www.defaqto.com/star-ratings/income-protection?ProductTypeView=StarRatingsCenter_PaymentProtection_ShortTermIncomeProtection_ProductDetails&Ratings=4,5&Products=&Product=&Search=&Sort=

I tend to take their ratings with a pinch of salt, but its usually a good starting point for any research.