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Unemployment insurance
d1ggerss
Posts: 2 Newbie
I have recently been laid off due to Covid 19. I am self employed and I have unemployment insurance yet when I tried to claim HSBC Life insurance, I was told that they would not pay out as I would get a grant from the government. Are they correct to say that?
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Comments
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You can't have unemployment insurance as a self employed person. You presumably have loss of profits or business insurance. Have you claimed a grant under SEISS? Will you still be worse off?0
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It is actually possible for self employed to have unemployment cover. However, the clauses on most make it pointless. However, some of the better quality ones will pay out if you have ceased trading and are signing on successfully. It cant just be a quiet period in work. it must be stopping self employment and actively seeking new employment.If you are not working due to CV then HSBC are correct.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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If HSBC are saying why not claim a grant, it isn't the sort of insurance you describe, as if the OP had ceased trading, he wouldn't be eligible for SEISS.dunstonh said:It is actually possible for self employed to have unemployment cover. However, the clauses on most make it pointless. However, some of the better quality ones will pay out if you have ceased trading and are signing on successfully. It cant just be a quiet period in work. it must be stopping self employment and actively seeking new employment.If you are not working due to CV then HSBC are correct.0
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