Is the UK heading into a recession? Maybe so. Businesses are doing the maths on the NI thresholds hit, the car and motorcycle dealer network is shrinking, High Streets are turning into Vape, Charity and Barber Avenues. The price of gold is up. Housebuilders are releasing new properties in dribs and drabs as they seek to get cash in upfront before the next three semis are wired, plastered and plumbed in.
All the usual signs are there if you care to look.
So perhaps it is a smart move to launch an unemployment policy right now – not everyone can pay their bills on the benefits handed out to those born in the UK, rather than recent arrivals. Here’s the word;
Best Insurance has reintroduced standalone Unemployment Insurance policy. This new policy with 6-month and 12-month benefit options will be available to brokers via the Best Insurance portal, offering a flexible option to meet increasing client needs.
For the past five years – following its removal as a standalone product during the COVID-19 pandemic – unemployment insurance has only been available as part of wider Accident, Sickness & Unemployment (ASU) policy.
Ian Sawyer, Commercial Director at adviser Howden Life & Health, said: “We continue to see strong demand for income protection and unemployment cover as people look for ways to safeguard their finances in an uncertain job market. A 13% rise in company insolvencies in England and Wales, combined with increasing employer National Insurance costs, is not only limiting job opportunities but also suppressing business expansion.
“With fewer jobs in circulation, those facing redundancy are finding it takes longer to secure new employment, making the financial impact of an income shock more severe. So we welcome the new standalone Unemployment Cover options launched by Best Insurance. The key is understanding what protection is available and ensuring it aligns with personal circumstances—so financial stability isn’t left to chance.”
EARNINGS RELATED PAYOUT
The Best Insurance Unemployment Insurance has one of the widest acceptance criteria, this means anyone working in full time employment for more than 16 hours a week in the UK would qualify for coverage based on their earnings, ensuring financial stability in case of job loss.
Benefits are linked to earnings, while premiums are determined by age and benefit level. For example, a 25-year-old seeking £2,000 per month in coverage can secure a policy starting at just £40.20 per month.
Research by Best Insurance has shown that young people, especially Gen Z prefer lower benefit periods which also makes the product more affordable. In response to this, Best launched a 6-month benefit period option in addition to the 12-month option.
Kesh Thukaram, co-founder at Best Insurance, said: “Research from the FCA suggests that 30% of UK adults have no savings, and with unemployment levels on the rise, financial protection to cover job loss is more critical than ever.
“Our standalone Unemployment Insurance provides policyholders with tax-free monthly payments if they lose their job through no fault of their own. This support helps ease financial worries, allowing them to focus on what truly matters—finding the right job.
“With an unemployment protection policy, essential expenses like mortgage or rent payments, energy bills, loan repayments, and even groceries are covered, offering peace of mind during difficult times.”
Best Insurance will also continue to offer unemployment cover as part of its existing ASU policy.
For more information visit https://www.bestinsurance.co.uk/unemployment-protection-insurance/
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