"Our standalone Unemployment Cover provides policyholders with tax-free monthly payments if they lose their job through no fault of their own."
- Kesh Thukaram, Co-Founder of Best Insurance
Best Insurance has introduced its standalone Unemployment Cover. Benefits are linked to earnings, whilst premiums are determined by age and benefit level - for example, a 25-year-old applying for £2k in monthly coverage can purchase a policy starting at £40.20 per month.
Research conducted by Best Insurance found young people (especially Gen Z) prefer lower benefit periods, so this product was launched with a six- or twelve-month benefit period.
Since Best Insurance offers the choice of purchasing policies entirely via WhatsApp, this product will be available directly to consumers via WhatsApp, phone, website, or brokers.
READ MORE: Best Insurance launch WhatsApp service for customers to buy insurance without added pressure
“Our standalone Unemployment Cover 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 policyholders to focus on what truly matters – finding the right job,” explained Kesh Thukaram, Co-Founder of Best Insurance.
He said: “Research conducted by the Financial Conduct Authority (FCA) suggests that 30% of adults in the UK have no savings, and with unemployment levels on the rise, financial protection to cover job loss is more critical than ever.
“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,” Kesh added.
Reacting to this launch, Ian Sawyer, Commercial Director at Howden Life & Health, said “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.
“We continue to see strong demand for Income Protection (IP) and Unemployment Cover as people look for ways to safeguard their finances in an uncertain job market. 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.”
