What do advisers need to know about unemployment cover?

For many people, their job is the anchor of financial stability. To lose it when mortgage rates are high, energy prices are climbing and household budgets are tightening, could be devastating, which is where unemployment insurance plays a vital role.

Customer enquiries, and indeed claims, for this kind of cover have increased significantly over the last year, the demand for which has been reflected in the number of insurers relaunching products into the market after withdrawing them during the pandemic.

Most of these customers are often enquiring about accident, sickness and unemployment (ASU) and IP in the first instance, but after delving a little deeper, it is clear that their main priority is to protect themselves against unemployment and redundancy.

This presents advisers with a great opportunity to use their knowledge to highlight the differences between the two products and to illustrate how they can help customers address their concerns.

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