Quality of Cover

The policy pays benefits after the 30th consecutive day of unemployment subject of course to the claim being covered. That first benefit payment is then backdated to day one of the consecutive unemployment period. That can be seen as beneficial because some policies only pay after 60 days and some when they make they first payment do not back date that payment to day one.

Under the age rated policy you can take out the insurance either when you first take out your mortgage or mid term through your mortgage. That will help those who want to transfer cover from a more expensive product but please remember that if you do the pre-existing medical exclusion will apply from the date of transfer as it is tied to the start date of this policy. Being able to purchase the cover mid term also means that those who could not afford it before but can now also have a chance to be insured. Please note that if you take out the cover during the term of the mortgage rather than at inception of the mortgage and you are not transferring cover from another insurer then there will be a 90 days exclusion period applied before unemployment cover will start.

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