Top Five Tips for Choosing how much Unemployment Insurance you need

Unemployment Insurance can mean the difference between financial ruin and a mere inconvenience if you are suddenly made redundant and left trying to cover your vital commitments such as mortgage or rent payments.

A lot of people are prone to the “it'll never happen to me” way of thinking but with unemployment figures on the rise across the UK, avoiding or delaying sorting your unemployment insurance out could prove to be fatal to your continued financial security.

So how do you decide how much cover you need?

1. Sit down and seriously look at your monthly out goings. Decide which of these are vitial (your mortgage, monthly food bill, power and water bills etc) and which are luxuries which you could survive without (gym memberships, tv subscription services etc)
2. Don't be tempted to include other insurances like life insurance or home insurance in your luxury figure! Things could get a lot worse if you needed to claim on these and you'd cancelled them!
3. Look at any savings you have an decide how long they could support you if you were made unemployed.
4. Cover yourself with unemployment insurance for only what you need! Don't be tempted to take as much cover as you can get, if you don't need it! The more you take, the more you pay in premiums.
5. Ensure you are using websites and advisors who are searching the whole of the market and not just getting quotes from a single provider.

Your overall aim when hunting for your unemployment cover should be to ensure you are adequately covered but at an affordable premium that gives you peace of mind.

Hopefully you will never have to make a claim on your redundancy insurance but just in case, you can rest in peace knowing that you have a safety net!

For unemployment and redundancy insurance advice, please contact one of our friendly advisors who will be more than happy to explain all the options and help you search the whole of the market.