This will create problems for claimants and insurers as most if not all unemployment and redundancy insurance contracts refer to jobseekers allowance or national insurance credits or income support and require the completion of the ABI1 forms each month as this is evidence of your efforts to find a replacement job.

So to buy this type of insurance you currently need to read the insurance policy terms and then the terms for jobseekers which is not contained within any sort of summary or clear language as the Jobseekers, DWP  websites are unclear and incomplete referring to more and more pages and does not answer the typical questions most of us would have.

Clearly having cover linked to anything to do with  jobseekers benefits or the completion of letters or forms from the department of work and pensions is not a good idea.

Some insurers are now re-evaluating how they review claims on such policies on an on-going basis.

Compare some of the best redundancy insurance policies online at www.quoteme4.co.uk

The new formula will used to calculate how much support they will get each month is based on an average of the Bank of England’s monthly Average Mortgage Rate (found on their website under “statistics” then “Bankstats” Table G1.4 under column “HSDE”). This rate will only change when the Bank of England publishes an average rate that differs from the standard rate by 0.5% or more.

Currently this rate is 3.67% (set from Apr 2010).

Interest rate support will be based on the lower of this rate or the actual rate you have on your mortgage. For the unlucky 110,000 people who on a higher rate you will have to fund the shortfall in the mortgage payments yourself or more likely accumulate arrears and charges and a tarnished credit profile.

If you are on a higher fixed rate or standard variable rate contact your lender and find out if you have any cheaper alternatives. Although you should consider interest rates movements when they happen are likely to be upwards which would reduce the amount of shortfall you may have to find each month if you locked into a fixed rate. Switching to a tracker could make your position worse in a market where rates are increasing. Not to mention DWP may alter the calculation again.

There are many unemployed borrowers suck on lenders standard variable rate. A prime example Northern Rock with a rate of 4.84% with no option to switch to a cheaper rate even if they were supporting their own mortgage so those dependent on the DWP will incur arrears and charges. With new borrowing at a all time low homeowners are being placed in a very venerable position indeed with far reaching consequences which will damage and limit their borrowing capacity in the future.

And if you think being registered as disabled will help your cause, you will of course be wrong the government has a mandate to reduce public spending and are doing just that.

Homeowners should therefore take note covering your mortgage monthly expenses and income has never been so important so consider your own “what if?” scenario’s and ensure your not left in a poverty trap.

Income Protection

Visit our website and obtain an instant quote for Permanent Income Protection (provides a regular monthly income should you be unable to work as a result of any sickness or accident)

Unemployment Insurance

Compare unemployment insurance on our website www.quoteme4.co.uk provides a monthly benefit should you be made unemployed or redundant.

Please contact me if you have any questions on this article or about income protection and redundancy insurance 0800 0226571

This is as a result of the requirement to be in receipt of Jobseeker’s Allowance or National Insurance Credits on a continuing basis in order for your claim to qualify. As you are still employed (in one of your jobs) you may not qualify for this benefit and in turn your claim will be rejected.

To add to its complexity Redundancy Insurance typically covers you in employment where you work 16 hours a week or more. So for example if you have one job where you do 30 hours a week and the other 10 only the you main job would be considered for claim and the other will not.

There are providers that will waive the Jobseeker’s Allowance or National Insurance Credits condition so you need to read the terms of the policy to ensure you get what you need.

QuoteMe4.co.uk the income protection specialist, compare redundancy insurance visit our website www.quoteme4.co.uk

Or Call QuoteMe4 on 0800 0226571 for assistance.

You could be forgiven for thinking when comparing two policies one covering unemployment and another covering redundancy they cover the same thing.

But they don’t the terminology used for the cover should be read carefully along with any description of the terms offered within a policy.

A policy covering redundancy would NOT trigger a valid payable claim should your employer end your contract of employment unless you were involuntarily made redundant. Where as a policy covering unemployment would pay if you were made  involuntarily redundant or if your employer ended your contract of employment through not fault of yours.

Therefore a policy offering unemployment insurance offers a higher level of protection than a policy covering redundancy.

Go to our main website to compare over 35 income protection policy quotes www.quoteme4.co.uk

Web pages offering Mortgage Payment Protection (MPPI) is a prime example, as well as misleading claims on the product pages stating they compare 100′s of MPPI products when clearly they don’t as there not that many to compare in the whole market place.

Other strategies employed include awards with no credibility or value, and with some awarded with the so called  independent expert judges being the award recipient and on the judging panel.

If you plan on making a buying decision based on a websites awards take another 10 minutes to Google it and check the validity of the award and the criteria it was awarded for. As it maybe just a fake or irrelevant to your purchase or awarded by a panel who maybe respectable but what is there background of expertise?

Many of these insurance websites with pointless awards tend not to include Defaqto Star ratings, which is industry recognised as providing information used for comparing all types of financial products. Their tools are also used by independent financial advisers to compare similar products and provide advice.

More information http://www.defaqto.com/

For independent quotes on  insurance visit http://www.QuoteMe4.co.uk

This will provide users the facility to get instant quotes and consider the policy terms complete a data capture application for their award winning cover online without interaction 24/7.

All three policies offer OWN OCCUPATION cover throughout the policy and during a claim for all occupations. For more information and a quote visit go to www.quoteme4.co.uk or call 0800 022 6571

The main obstacle being that all policies have an initial exclusion where your policy is not active until after this date. The last thing you need is to switch to another provider and have a gap in protection where you would be unable to claim from either policy should you be unlucky and get the boot.

Choosing a provider with a short initial exclusion will reduce the time you need to run two policies at the same time with overlapping cover until the new policy is past the initial exclusion period. This means for a short time you will be paying for two policies, which kind of defeats the exercise which was to reduce your monthly cost.

To reduce the time you are paying for both plans consider this. Most policies are paid monthly by direct debit instead of calling the provider you are  binning you simply cancel the direct debit. This will give you a period of time when you have cover but not paying for it as all providers allow for the fact we maybe switching bank etc…  so cover will typically continue for another 30 days after missing the last payment. Which is better than you calling the company to tell to stop your policy as this will be immediate.

As a result a new provider offering a 90 day initial exclusion will mean that your unemployment cover needs to be overlapped for 90 days but you need only make two payments on your old policy and not three making the switch less painful to your pocket.

Apply with QuoteMe4 and we will give you 1 month free once you have made your 12 monthly payment.

Over the past 12 months the industry claims have no doubt risen. This has affected some more than others as some providers have kept existing policy holders premiums static and increased the cost for new entrants and other providers who may have provided the cover at rock bottom prices to secure higher volumes have been more aggressive in order to meets claims have had little choice than to pass on signification premium increases a high as 86% or more on two or three occasions.

With the cost of providing cover in todays climate obviously more expensive, and with some providers not offering cover at all this has given some will little option than to stomach the prices increases. Even if they did want to switch cover most policies have an initial exclusion ranging from 30 days, 60 days, 90 days and 120 days on the worst policies before they are active.

Most unemployment policies run on a month by month basis, meaning the provider can cancel your cover, apply a price increase or amend the policy terms all with just 30 days notice. Some providers will offer a guarantee premium for 1 year or will apply price increases to new applicants.

To help identify those providers you want to avoid check:-

• Policy exclusions and small print
• Find out as much as you can about the premium history for the product you want:-  How many price increases have been applied in the past 12 months? Has this been applied to all policy holders? How much was the price increase on each occasion in percentage terms? Are there any other planned price increases? Have they ever increased the cost of cover for someone who has just taken out the policy?

Buying cheap unemployment cover is only cheap in that month! next month is could be a completely different story so buy wisely.

Request a quote for unemployment cover

This provides the self employed or employed with reassurance that they can have cover as there is no financial underwriting  at any stage.

The main benefits of the plan are:-

• No financial underwriting so you can chose the level of cover you need
• Cover is provided up to a maximum age of 68
• Benefits are paid after 4 weeks
• Valid claims are paid for 1 or 2 years (depending on the cover duration selected at outset)
• Multiple claims are allowed for each separate illness or accident
• Claims for the same illness are allowed after 6 month back at work
• Underwriting has been simplified with a short application and telephone underwriting
• Cover automatically increases with the Retail Prices Index (RPI) to maintain the real value over time
• Premiums are age related
• Minimum cover £500
• Maximum cover £1,000

With the cost starting at £9,99 for £500 monthly benefit for those who are for the self employed or employed with high outgoings in relation to income this will fill the protection gap nicely. It’s only a shame the cover is limited to £1,000 monthly benefit.

For more information or to request a quote go to www.quoteme4.co.uk or call 0800 022 6571

No other provider offers this level of cover that can be used to protect your lifestyle with such flexibility to choose between £100 and £2,000 per month cover no matter how much you earn or how much you pay on your mortgage or rent and all this with only a 30  day qualification period (initial exclusion).

I’ve yet to understand why so few know about this product even moneysavingexpert.com has no mention of the product even though its been avaiable in its current form since 1 July 2009. Instead they recommend an alternative thats more expensive has a 120 day initial exclusion (ouch) pays them commission and is limited on how much it can cover. This is truly a gem that when its gone will surely be missed.

Click to obtain a quote for unemployment income protection