Does unemployment insurance exist anymore?

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youandiaredominoes
youandiaredominoes Posts: 67 Forumite
in Insurance & life assurance
Just a quick question, does mortgage protection insurance exist anymore if you lose your job? I've seen it advertised on comparison sites but I heard it is no longer available as a thing, just critical illness insurance will cover you if you are unable to work and cover mortgage repayments. Can anyone clarify please? Thanks saw

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  • Weighty1
    Weighty1 Posts: 1,181 Forumite
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    Unemployment cover absolutely exists. Most brokers would have a range of providers for this type of cover.

    Long term income protection would also protect you if you were unable to work and is generally a more comprehensive option that critical illness cover as it covers your inability to work, rather than just a list of illnesses.
  • calltobala
    calltobala Posts: 53 Forumite
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    Hello I ran few quotes for unemployment cover alone and Unemployment with accident,sickness cover.
    Only few provide these days for this type to cover 50% of your gross salary.

    Can someone please tell me how long they usually pay for unemployment cover, if one is out of job for redundancy in economic crisis for 120 days waiting period for unemployment? do they only provide benefits for 12 months only or beyond as well?


    Thanks
  • Weighty1
    Weighty1 Posts: 1,181 Forumite
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    The vast majority will only pay for a maximum of 12-months, although you may find some policies which pay out for up to 24-months.
  • stator
    stator Posts: 7,441 Forumite
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    I've only ever seen policies that pay out up to 12 months. Any that seemed to show 24 months policies, the 24 months only applied to sickness and the unemployment part of the policy only paid out for 12 months.
    I don't think you will find any longer than 12 months. Most people should be able to get some kind of job in 12 months. If you are healthy and can't find a job in 12 months you probably don't want to find a job.
    Remember that during that 12 months you have to prove that you are looking for work to the insurance company in the same way you have to prove it to the Jobcentre people too.
    Changing the world, one sarcastic comment at a time.
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    income protection may be better if your out of work due to health reasons and it pays out more than 12 months
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • JoelyG
    JoelyG Posts: 9 Forumite
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    Can anyone recommend please a well-known or reputable provider of this insurance? Adverts are broker driven.

    Thanks
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    JoelyG wrote: »
    Can anyone recommend please a well-known or reputable provider of this insurance? Adverts are broker driven.

    Thanks

    The MSE guide for life assurance is a good start, they also do income protection as well
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • dunstonh
    dunstonh Posts: 116,376 Forumite
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    JoelyG wrote: »
    Can anyone recommend please a well-known or reputable provider of this insurance? Adverts are broker driven.

    Thanks

    Its still mostly available via brokers, mortgage advisers and IFAs. Although some of those may feel they dont want to recommend it.
    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.
  • stator
    stator Posts: 7,441 Forumite
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    JoelyG wrote: »
    Can anyone recommend please a well-known or reputable provider of this insurance? Adverts are broker driven.

    Thanks

    Legal and General are a well known name and sell unemployment insurance 12 months
    Changing the world, one sarcastic comment at a time.
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