Unemployment insurance Unemployment insurance
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  1. #1

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    NetwkSupport has no reputation


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    Default Unemployment insurance

    Ok i know contracts naturally come to an end and theres usually time on the bench looking for another but can anyone recommend income insurance for if your on the bench say 3 months plus?

  2. #2

    Contractor Among Contractors

    Alan @ BroomeAffinity has more data than eek


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    I don't think you can get insurance for this. There is National Insurance....

  3. #3

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    Quote Originally Posted by Just1morethen View Post
    I don't think you can get insurance for this. There is National Insurance....
    Isn't that a one-way payment?

  4. #4

    Tosser amongst Tossers

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    The best thing you can do is make sure there is enough money in your bank account to last a year. I leave enough in my business to pay my wage for a year.
    I am not qualified to give the above advice!

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  5. #5

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    Nope you can’t get it. It’s only for permies and even then there are all sorts of caveats.

    You could take some out but if you ever had to claim you can bet your last penny they would never pay out. Something to do with contacts come to an end and then what is the proof that you are looking for work vs sitting on ur arse for 3 months getting your bills paid.
    "Wait, I still function!"

  6. #6

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    You could take some out but if you ever had to claim you can bet your last penny they would never pay out. Something to do with contacts come to an end and then what is the proof that you are looking for work vs sitting on ur arse for 3 months getting your bills paid.
    damn you discovered my master plan.

  7. #7

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    miffy is too good to be a permie

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    If you run your own limited this isn’t a viable option. Your company is still trading after all and the fact it has no income stream doesn’t mean you’re unemployed (because you’re not).

    I guess if you work via a brolly you might be able to claim rock 'n role (jobseekers allowance). There is a limit on savings (max 6k or something). If you have over that you can't claim. Not sure if anyone has ever tried to that has more than 6k in the bank (hardly makes you well off does it?).

    One of my friends used to have unemployment insurance in the late nineties and for me that was a good example of why it's pointless having it.

    He had the insurance because he was a low skilled permie at the time. His girlfriend had just left and he was struggling to pay the mortgage and was the only (small) source of income.

    He got made redundant in the end and thought the insurance was a god send. BUT... after he got laid off he didn't automatically sign on (I guess most people don't).

    The policy wouldn't pay out because he didn't sign on immediately after being made redundant and they wouldn't budge on it (it was in the T&C's). So he'd been paying into a worthless policy which didn't actually help when he needed it.

    Can't remember who the provider was, I'll have to ask him.

    I wouldn’t touch insurances like that with a barge pole (same as payment protection insurance for your credit cards). Worthless piles of crap.
    Eat Right, Exercise, Die Anyway.

  8. #8

    Still gathering requirements...

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    Insurance companies aren’t charities boy. You sure as eggs are eggs that they want to make a profit from you. Better to put some money away for a rainy day
    Never swap horses crossing a stream

  9. #9

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    thunderlizard is too good to be a permie


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    Heck no. Would you insure a company on that basis?


    There's personal incapacity insurance, which pays out (supposedly) if you can't work due to broken neck etc.

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