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Unemployment insurance, as the name suggests is an insurance that pays the claimant if they get made redundant.
This type of insurance is commonly known as “General Insurance”, (as opposed to long term life or health insurance).
This means that this type of insurance is generally renewable and/or reviewable, often on a monthly basis or annual basis, and can therefore be withdrawn by the insurer if economic conditions turn against them.
In practice the policyholder is usually not aware that a review has taken place as there is no change to the terms of the plan, but it is the ability to be able to increase the cost, reduce the benefits, or in some cases withdraw the cover altogether that makes Unemployment cover the least robust of all the covers available here.
Reviews are most likely during periods of rising unemployment levels generally and during an economic downturn. Reviews that affect just one policyholder are very unlikely.
Unemployment cover has and does provide many mortgage holders with valuable protection against involuntary unemployment.
It is important to read the terms and conditions to ensure that you are not excluded from cover, in particular,
- if you change jobs you need to tell the insurer as they may not be able to continue to offer you cover;
- if you knew you were going to be made redundant, or you could reasonably be expected to have known, then you will not be able to claim;
- you will not be able to claim if you are dismissed due to misconduct, including being dismissed for taking part in industrial action, your failure to meet the standards or targets laid down by your employer or any other circumstances that result in your employer taking disciplinary action against you;
- you normally have to have been continuously employed or self-employed for at least six consecutive months at the date of becoming unemployed.
There are many terms and conditions with this type of insurance. You need to be sure it suits your circumstances.
22 October 2007 12:04:50
Smokers and drinkers are among those who may want to have another look at their life insurance, unemployment cover or income protection insurance options.
The International Osteoporosis Foundation (IOF) also pointed to underweight individuals and those who do not exercise well in a report about the causes of osteoporosis later in life.
"By 2050, it is estimated that incidence of hip fracture, a major consequence of osteoporosis, will increase by 310 and 240 per cent in men and women," highlighted Daniel Navid, the IOF's chief executive officer.
"Osteoporosis-related fractures often imply pain, loss of function and, in the worse cases, death," he continued.
Adding to Mr Navid's comments, the author of the report pointed out that the incidence of osteoporosis is growing at "epidemic proportions".
"We now know that one woman in three and one man in five over fifty will experience an osteoporotic fracture," Professor Cyrus Cooper confirmed.
Osteoporosis affects millions of postmenopausal women, making their bones weak and more likely to fracture over time.
Each year the incidence of osteoporosis-related fractures is greater than the incidence of heart attacks, strokes, and breast cancer combined.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, critical illness and life insurance advice online
10 September 2007 13:52:43
UK life insurance
provider Resolution has increased the possibility of a £7.9 billion merger with fellow life cover leader Friends Provident.
According to the Financial Times, Resolution has lowered the bar for the merger to be approved, now only needing a majority vote from its shareholders, as opposed to the previous figure of 75 per cent.
It is thought that Resolution chairman Clive Cowdery has lowered the bar in an effort to prevent opposition to the merger.
Pearl Assurance head Hugh Osmond - a 16.5 per cent shareholder in Resolution - is strongly opposed to the deal and has mooted a counter-bid.
However, Resolution representatives remain convinced that teaming up with Friends Provident is the best decision.
"The restructuring of the merger is in the best interests of our shareholders as a whole, as it allows the transaction to proceed without disruption, in the absence of any competing offer for Resolution," commented Mike Biggs, Resolution chief executive.
Resolution has claimed that the proposed merger could save the companies over £100 million.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, and critical illnesslife insurance policies online.
10 September 2007 13:53:54
Top UK life insurance firm Norwich Union is celebrating a successful first year for its new underwriting helpdesk.
The life cover firm launched the pre-sales service in September 2006 and has handled around 300 calls every week from IFAs in need of underwriting advice.
Michael Whyte, chief underwriter for Norwich Union, said that the helpdesk was launched as part of the Norwich Union Protection Service Promise.
"The helpdesk is designed to provide up-front underwriting advice to our financial advisers in order that they have a clear picture of what requirements, if any, we may request when they submit an application for one of their customers," he explained.
"This can save time and expense for both advisers and applicants."
He went on: "The service also aims to eliminate frustrations for both applicants and advisers, particularly if a client is seen to be posing a particular risk.
"For example, if terms could not be offered, by answering questions up-front, rather than waiting for an application to be submitted and later declined, the process is made smoother and quicker for all parties."
Norwich Union recently cancelled a plan to transfer some 1,100 staff to new offices.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, and critical illnesslife insurance policies online.
