Best Insurance has reintroduced its standalone Unemployment Insurance policy, offering six and 12-month benefit options.
The policy, available through the Best Insurance portal, provides a flexible solution to meet increasing client demand amid economic uncertainty.
For the past five years, unemployment insurance has only been available as part of a wider Accident, Sickness & Unemployment (ASU) policy, following its withdrawal as a standalone product during the COVID-19 pandemic. The reintroduction comes as rising company insolvencies and economic pressures increase concerns over job security.
GROWING DEMAND FOR UNEMPLOYMENT PROTECTION
Ian Sawyer, commercial director at Howden Life & Health, said demand for income protection and unemployment cover remains strong as people look for ways to safeguard their finances.
He added: “We continue to see strong demand for income protection and unemployment cover as people look for ways to safeguard their finances in an uncertain job market. A 13% rise in company insolvencies in England and Wales, combined with increasing employer National Insurance costs, is not only limiting job opportunities but also suppressing business expansion.
“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. So 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.”
ACCESSIBILITY AND AFFORDABILITY
The Best Insurance Unemployment Insurance policy has broad eligibility criteria, covering anyone in full-time employment for more than 16 hours a week in the UK. Benefits are linked to earnings, while premiums are determined by age and benefit level.
For example, a 25-year-old seeking £2,000 per month in coverage can secure a policy starting from £40.20 per month. Research by Best Insurance suggests younger adults, particularly those in Gen Z, prefer shorter benefit periods to keep costs down. In response, Best Insurance has introduced a six-month benefit option alongside the traditional 12-month cover.
SUPPORT DURING JOB LOSS
Kesh Thukaram, co-founder at Best Insurance, highlighted the importance of financial protection in the current climate.
“Research from the FCA suggests that 30% of UK adults have no savings, and with unemployment levels on the rise, financial protection to cover job loss is more critical than ever.
“Our standalone Unemployment Insurance 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 them to focus on what truly matters — finding the right job.
“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.”
