When looking for unemployment insurance it is important to shop around and look at alternative policies. Get quotes from the different suppliers of unemployment insurance, this may include loan insurance, income insurance or mortgage insurance depending on the type of cover you need.
By shopping around for unemployment insurance you will not only get a feel for the difference it cost but it is also important to view the policy terms and conditions. After all, you buy unemployment insurance in case you need to claim so you need to be certain the policy provides adequate insurance protection. Everyone is different so check out the aspects that you think are important to you.
With regards to eligibility, you will need to be working and aged between 18 and 65.
Unemployment insurance is also known as redundancy insurance so be aware of what cover the policy provides. These two are the same cover just known by slightly different names. Unemployment insurance is not always available as a stand alone cover. Many insurers will require you to have accident and sickness cover as well as unemployment insurance. However, there are a few policies that still offer just an Unemployment insurance option. If the sickness cover is not important to you this will help to keep the monthly cost down.
All policies have terms and conditions and small print so it is vital you make sure the policy is right for you. All Unemployment insurance policies will have a maximum time that they will pay out benefits to you, typically this is 12 months but you may be able to get cover for 18 months. All policies will generally have an initial exclusion or waiting period and this should be compared with other policies. The better Unemployment insurance policies will offer back to day on cover where your claim and your payments are backdated to the first day you were off work.