Unemployment Insurance

Our unemployment insurance policies can enable you to meet those monthly bills should you be unfortunate to lose your job. To qualify you must live in the UK, be aged between 18 and 60 and be in full time employment (16+ hours a week) for the last 6 months. 

Unemployment details

• 90 families a day had their homes repossessed in 2000. The majority due to the financial problems with unemployment

• One in three people aged between 25 - 34 have experienced unemployment for a period in excess of one month

• Almost one in five working age households (3.4 million) have someone who is currently unemployed

• Every day 500 people in the UK become unemployed. 60% of unemployed men and 45% of unemployed women will be out of work for 6 months or more

• Since October 1995 new mortgage borrowers receive no state help for the first 9 months of unemployment or disability. Existing mortgage borrowers receive nothing for the first two months, 50% for the next four months and then full benefit for mortgages up to £100,000 providing they qualify for income support. The Government estimate that 70% of mortgage borrowers will not get income support due to savings, income or a working spouse or partner.

• In 1998 the introduction of new incapacity criteria resulted in 102,000 claimants being turned down for any state benefit. An independent doctor will carry out the assessment and you must be incapable of doing any work, not just your normal job, to qualify for state benefit.

Insurance facts

• You can take out insurance against losing your job.

• The insurance policy pays out a monthly amount for each month that you are not working

• The insurance contract pays out benefits for 12 months

• To decide the best insurance contract we need to know if you require unemployment cover for your mortgage

Mortgage unemployment insurance

• Three months free insurance for all applicants

• Unemployment cover starts immediately for new mortgages, re-mortgages or transfers from other unemployment policies

• Standard rate : £2.45% on your monthly mortgage bills for unemployment insurance only

• Click Here for our mortgage unemployment insurance contract

Unemployment insurance with no mortgage

• Can be taken with the mortgage unemployment insurance

• Benefits paid for 12 months unemployment

• Cover paid back to first day of unemployment

• No unemployment cover for the first 120 days

• Standard rate £4.00% on sum insured (total cover under all unemployment policies must be les than 50% of gross income.

• Click here for our unemployment insurance (stand alone) contract.

Standard Warning

You are reminded of your obligation to on all applications to inform underwriters of all material facts. A material fact is one that might affect your policy in any way. Failure to disclose a material fact can result in your insurance policy being declared void or a claim refused.

Who are we?

B. Portwood & Co Ltd are a firm of UK insurance brokers based in Northern England. We celebrated our 40th year in business in 2003. We are currently authorised and regulated by the Financial Services Authority for arranging and administrating non-investment insurance contracts - such as unemployment insurance

Income protection insurance | Mortgage protection insurance | Accident sickness unemployment insurance