unemployment insurance, accident and sickness insurance
 
 

Unemployment insurance

At Platinum our aim is to keep things simple.

Nevertheless this website is packed full of information to help you fully understand redundancy insurance and the policy you require.

For a comprehensive understanding of our policies, please use the buttons below.

  
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How accident, sickness and unemployment insurance works
unemployment insurance - how it works
accident and sickness insurance - how it works
 
 
  If you would like a free copy of our completely independent guide to the unemployment insurance market in the UK, please click the button below.

  
 
A free independent guide to the accident, sickness and unemployment market in the UK
  
 
     

All of the above policies are available to purchase as either unemployment and redundancy insurance only; accident and sickness only; or as full accident and sickness and unemployment insurance.

We offer products from a range of insurers.
 
About Unemployment Insurance
 
unemployment insurance mortgage likned       redundancy insurance income linked

Involuntary redundancy

Protect 65% of your income, up to a maximum of £1,500.

12 month payment term

A leading uk budget policy

 

 

  

Involuntary redundancy

Cheapest Stand-alone cover

Protect 60% of your income, up to a maximum of £1,500

12 Month payment term
 
 
Obtain a personal quote       Obtain a quote for income Insurance
     
     

* based on back to day one cover

We are an independent company and have access to other policies from other providers. We are not Contractually obliged to sell these policies, but we choose to do so because we think they are the best in their respective categories.

If you do not see exactly what you want don't worry. Just call us on 0845 83 87 811 and we will help you find the unemployment insuranceyou need.



Unemployment Insurance - Your questions answered

A simple guide to unemployment insurance

Unemployment insurance is available to both the employed and the self employed.

We are able to provide policies for people who want to protect their mortgage or their rental payments. We also have a policy for people who have no mortgage (or a very small one) but still want to protect themselves from being made redundant or losing their job in some other fashion.

Our preferred mortgage linked policy will pay out for 18 months. If you are looking for a cheaper policy and feel the risk of 12 months maximum payment period is sufficient for your needs, our award winning 12 month policy offers one of the best rates available.

You must be working at least 16 hours per week before you can apply for a policy.

Our 12 month policy covers redundancy. The 18 month policy covers all forms of involuntary unemployment (except gross mis-conduct). In very simple terms, as long as it is considered that did not make yourself unemployed, you are covered.

Unemployment does not just mean redundancy. It could be that your company relocates to a different location, and you don't want to move, or your employer may remove you from the company because they feel you are missing targets or your work is not up to scratch. In these cases most policies will not pay out. You will need to check your policy document to see if these conditions will apply to you.

If you are dismissed because of gross misconduct, it is unlikely you would be able to claim.

Insurers will not allow claims for unemployment to be made in the early days of the policy. This is usually between 60 and 90 days and is known as the "exclusion period". If a policy is bought to protect a new mortgage, the insurance provider will normally waive the exclusion period.

To make a claim you must be registered as unemployed and available for work with the Department of Work and Pensions.

Conditions for the self employed are covered in the section below.

A comprehensive guide to unemployment insurance


Core Conditions of our Three policies
On this website we offer three policies. Two are linked to your mortgage and will pay out for up to 12 or 18 months. The other policy is available to people who have no mortgage but still want to protect themselves from unemployment.

We have researched the market and feel these policies are the best in their respective categories. We are not obliged to sell the policy of any particular company. We constantly review the policies we offer and can change them at any time.

12 Month Mortgage Related Policy
This is an award winning budget policy.

It is possible to protect your monthly mortgage payments and include an extra 25% for you to use as you wish. Total cover is limited to 65% of your gross monthly income.

The policy has a maximum payment of £1,500 per month.

18 Month Mortgage Related Policy
This policy is one of the few 18 month policies on the market. It also has very good policy conditions.
It is possible to protect your monthly mortgage payments and include an extra 25% for you to use as you wish.

The policy has a maximum payment of £2,500 per month for the employed and £1,500 per month for the self employed and company directors.

The terms and conditions for this policy are, in our view, the best available. A 12 month version of this policy is available. If you would like a quote please call us on 0845 83 87 811.

12 Month Income Related Policy
This policy is linked directly to your income. Whilst it could be used to protect a mortgage, loan or other debt, the amount paid out will depend entirely upon your gross proveable income.

The Policy will pay out up to a maximum of £1,500 per month.

The Employed
These policies will pay out if you are made redundant or lose your job for any reason other than gross misconduct.

Examples of when the policy will pay:

Redundancy

Your company relocates but you are unable to move with them

Your company folds, you receive no redundancy

You may also be entitled to claim if your contract is terminated due to poor performance (poor annual reports, missing sales targets, etc) This condition varies between insurers.


You must be entirely without gainful employment and registered as available for work with the Department for Work and Pensions. You must not be receiving payment in lieu of notice.

The policy will not pay out:

If your work is seasonal and you are now “out of season”

If you are on a fixed term contract (special conditions apply)

If you resign

If you take voluntary redundancy

If you lose your job due to events you were aware of within 60 -90 days of the policy start date (this will depend on the policy you apply for). Some providers will waive this condition if the policy is to support a new mortgage

You were not working for at least 6 months before becoming unemployed

You refuse any reasonable offer of alternative employment by your employer

Platinum Perspective
If you lose your job, through no fault of your own, then you can expect the policy to pay out.
If you punch the boss on the nose, please don’t bother to make a claim!


The Self Employed
To make a successful claim if you are self employed or a company director:

You will need to have permanently ceased trading, and in the case of a company director you will need to show that the company has been involuntarily wound up.

You will not be entitled to claim if you are simply experiencing difficult times, and profits are not as good as previous years.

The policy will not pay if you choose to close the company or cease trading as one name and start again as a new company.

You must be entirely without gainful employment and registered as available for work with the Department for Work and Pensions.

Married partners working exclusively in the same business, can of course double the benefit by each taking a policy.

Platinum Perspective
Company directors and the self employed should take unemployment cover on the understanding that it will only pay after they have done everything possible to save their business.

 

These policies will never pay out if:

You cease to be resident in the UK
Are involved in civil commotion, riot, insurrection or war

 

These notes are intended as a guide only.

Upon application we will confirm you have supplied all necessary information, and inform you of the terms and conditions of the selected provider, before the policy comes into force.

If you think these notes are incomplete or misleading in any way, please contact us immediately.
     
     

 

Authorised by The Financial Services Authority

Your Home is at risk if you fail to keep up payments on a mortgage or other loan secured on it

Written quotations available on request


ABOUT US | CUSTOMER PROMISE | INITIAL DISCLOSURE | TERMS & CONDITIONS | PRIVACY POLICY | CONTACT US

Platinum Financial Consulting
The Old School House, East End Road
Bradwell-on-Sea, Essex, CM0 7PY

www.platinumifa.co.uk

Telephone : 0845 83 87 811       Fax : 0871 277 1422     Email : info@platinumifa.co.uk

FSA Registration Number : 227014

Mortgage Insurance | Unemployment Insurance Specialists