A specialist provider can give you the cheapest quote

There have been many problems associated with unemployment insurance, one of them being the fact that the cover can be a very expensive addition to an already over stretched budget. However, you have to know where to look to get the cheapest unemployment insurance quote. The cheapest is more often than not with an independent provider, someone who specialises in payment protection. It is still essential that you shop around amongst providers as quotes will vary sometimes by a great deal from provider to provider.

Of course before you shop around for the unemployment cover and quotes you will have to decide what cover you need, and what is the most suitable for your circumstances as asu insurance is covered by three main types of policy. If you want to cover your general monthly essential outgoings then protecting a loss of income with an income protection policy might be what you need. If you have a mortgage and have to pay a huge chunk of your income to your mortgage lender each month then mortgage payment protection insurance will give you the income to do so and payment protection insurance will cover such repayments as loan and credit card.

All unemployment insurance policies typically will start to pay out after 30 days of being unemployed and will continue to provide you with a tax free sum of money each month for up to 12 months, however some providers pay out for up to 24 months, providing of course that you fit the criteria outlined in the policy.

It is also essential that you understand the quote you are given, unemployment insurance is a very complicated matter and the quote is just the beginning. The majority of ethical lenders will make the cover as open as possible and the quote you are given for the cover will be for every £100 of cover that you want insured, but check this when making comparisons. The quote will also depend on if you want just unemployment cover alone; or accident and sickness cover only; or if you want all three together for full protection against losing your income.

What you are covered for is also another issue to consider. Unemployment cover will provide an income if you should come out of work due to sickness, accident or unemployment, but there are certain things that aren’t covered by the policy and it is essential that you clearly understand these before purchasing your policy. If you aren’t told about these or don’t bother to read the small print then you could find that you aren’t able to claim and the policy is just a waste of money.

An unemployment insurance policy can be a great product and it can work they way it is designed to work, but consideration has to be given to your circumstances. Going with a standalone provider and buying the cover independently as opposed to taking the cover offered at the time of the loan, credit card or mortgage can save you a lot of money on the premiums. Not only this but a standalone provider will often have more ethics when it comes to selling their products and as such provides all the information for you to make the right choice over a policy’s suitability for your circumstances. Always read the small print and be aware of the many exclusions in all unemployment insurance policies and if in doubt then lean on a specialists experienced and ask for advice before committing yourself.