Protection underwriting group Goodfellows is launching an unemployment income protection product. U...
Protection underwriting group Goodfellows is launching an unemployment income protection product.
UnemploymentSAFE is available to employed and self-employed people aged between 18 and 65, irrespective of occupation. Benefits are not tied to a mortgage or other loan and the product is accessible to people in rented accommodation or older people who have paid off or greatly reduced their mortgage.
The maximum benefit is £2,500 per month and benefits are payable for either one or two years and are free of tax.
The excess period is 30 days and premiums range between 2.5-3% per £100 of cover. To protect a net monthly income of £1,000 per month for up to 12 months would cost £25 per month or £30 for a two-year benefit period. A complimentary employment and stress advice line is available to all policyholders.
Simon Burgess, managing director of Goodfellows said: "With changing work patterns there is no such thing as a job for life and state provision is minimal. Unemployment protection ought to be an essential purchase for most people once they have insured their lives."
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