Unemployment Insurance

Tailor your Unemployment Insurance

i:protect Unemployment Insurance is offered through these two products:

i:protect Mortgage Payment Protection Insurance (MPPI)
i:protect Lifestyle Insurance Protection

These polices allow you the flexibility to cover the outgoings that are important to you:

Use Unemployment Insurance to cover what you want...

Both i:protect Mortgage Payment Protection Insurance and i:protect Lifestyle Protection Insurance can be used to cover your gross monthly income or £1,500 whichever is the lesser amount. You can choose the one that is most appropriate for you:

Three simple steps to choose the policy that meets your needs:

1. Select the amount you want to be paid and what for

i:protect Mortgage Protection Insurance can protect up to 75% of your gross monthly income (your pay before tax) or £1,500, whichever is the lesser amount. In contrast i;protect Lifestyle Protection Insurance has the same £1500 cover but is limited to 65% of your gross income. You then decide whether you would like full accident, sickness and unemployment cover or just accident and sickness cover only.

2. Select when you want to be paid

Flexible Excess periods mean you can choose when your benefit is paid from. So you can set your accident and sickness payments to kick in when your sick pay from work ceases and select your unemployment benefits to commence when your payment in lieu runs out. This level of flexibility means that your policy can often be made cheaper by simply tailoring your benefit payments for when you need them most.

3. You can choose to top up your monthly benefits

For i:protect Mortgage Payment Protection Insurance you can take out additional cover to pay you up to 25% more than the amount you pay for your mortgage. Use i:protect Mortgage Protection Insurance to cover your mortgage repayments and to help contribute toward:

Home improvement and/or car loans
Important insurance premiums
Credit card repayments
Utility bills
Food bills
Fuel costs and more...

Alternatively you may not have a mortgage, or perhaps, you already have a Mortgage Payment Protection policy elsewhere? Some of our customers are simply looking to top up their existing cover.

For people who decide i:protect Mortgage Payment Protection does not meet their needs, the greater flexibility of i;protect Lifestyle Protection Insurance is particularly appealing. This is because the benefits paid under this policy are not linked to any specific loan. Lifestyle Protection tends to be chosen by people seeking Unemployment Insurance who need a specific sum of money each month. For example they need £1000 to pay their most important bills and living costs such as running their car. meeting loan repayments, paying credit card and utility bills.

Monthly benefit when you need it...

It is important to consider when the best time for your benefit to start in the event of being off work through an accident, sickness or unemployment. i:protect policies allow you to select the period of time that is most suitable for you and for each part of the policy being accident and sickness or unemployment cover.

When deciding the excess periods that are most suitable for you, take into account how much help you get from your place of work and how much of your savings you are prepared to use if the worst came to the worst and you were off work for a long period of time.

For example, you may get two fully paid months of sick pay from your employer so it would be prudent to select a 60 Day Excess period, meaning your accident/sickness benefit would get paid just after you stop receiving sick pay. You may only receive one month of pay if you were to be made redundant so it would be sensible to have the unemployment benefit start to be paid after a 30 day Excess period.

Flexible waiting periods can often lead to cheaper premiums as the longer the excess period the cheaper the premium is. So why pay for a Payment Protection Product that is inflexible and doesn't match your own unique circumstances?

How to get the cheapest Unemployment Policy