Were you given any information regarding your unemployment insurance policy?
- 20TH AUGUST 2007
If you bought your policy from the high street lender alongside a loan, credit card or your mortgage then the chances that you were given the correct information about the cover are very slim. If you shopped around for the cover and went to a specialist payment protection provider, then you are probably smiling right now and answering ‘yes’.
It is the lack of information regarding unemployment insurance products that has caused great concern and which has been the focus of an investigation by the various organisations including the Citizens’ Advice; the Financial Services Authority (FSA) and the Office of Fair Trading (OFT).
Consumers are often being nothing short of conned into taking out the cover alongside their loan regardless of whether they are eligible to claim on the policy.
If you weren’t given any information before you bought your unemployment insurance policy then you could have been mis-sold your policy which means it is worthless and of little help to you. A good policy will pay out for up to 12 months (in some cases,, up to 24 months) if you become unable to work due to accident, long term illness or unemployment, providing you meet certain criteria.
Consumers simply aren’t aware that they can choose to go with an independent provider for their cover. In fact by doing so, they can save around 80% on a payment protection insurance policy if they go with the likes of British Insurance.
British Insurance is a standalone and ethical payment protection insurance specialist who only deals in unemployment insurance policies so they really know their business. They are also headed up by consumer champion Simon Burgess who highlights the fact that the majority of policies that are mis-sold are done so through lack of knowledge regarding the product.
This is the main reason why British Insurance has made their unemployment insurance policy clearer by explaining them in plain English along with offering free and honest advice.
