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Platinum Financial Consulting is a fully independent financial advice company, authorised and regulated by the Financial Services Authority - number 227014. Unlike many of our competitors we are not compelled to sell the policies of any one company. Nor do we try to include every policy in the hope that you will select one. We have refused to sell policies that we feel do not offer customers adequate protection. We select what we consider to be the best all round policy in each sector available, using both quality and price criteria. Our ability to reject policies which don't meet our criteria has resulted in providers offering exclusive conditions to our customers. |
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Unemployment Insurance - How it Works |
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Unemployment Insurance is available to both the employed and the self employed.We are able to provide policies for people who want to protect their mortgage or their income. Our preferred mortgage linked policy will pay out for 12 months. You must be working at least 16 hours per week before you can apply for a policy. If you volunteer to be made redundant or you are dismissed for performance reasons you will not be able to claim. Insurers will not allow claims for unemployment to be made in the early days of the policy. This is usually between 60 and 90 days and is known as the "exclusion period". If a policy is bought to protect a new mortgage, the insurance provider will normally waive the exclusion period. To make a claim you must be registered as unemployed and available for work with the Department of Work and Pensions. Conditions for the self employed are covered in the section below.
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We have researched the market and feel these policies are the best in their respective categories. We are not obliged to sell the policy of any particular company. We constantly review the policies we offer and can change them at any time. All products can be purchased as Accident and Sickness Insurance Only, Redundancy Insurance Only or combined Accident, Sickness and Unemployment Insurance. 12 Month Mortgage Related Policy
This is an award winning Mortgage Payment Protection policy.
It is possible to protect your monthly mortgage payments and include an extra 25% for you to use as you wish. Total cover is limited to 65% of your gross monthly income. The policy has a maximum payment of £1,500 per month.
12 Month Income Related Policy
This Income Protection policy is linked directly to your income. Whilst it could be used to protect a mortgage, loan or other debt, the amount paid out will depend entirely upon your gross proveable income.
The Policy will pay out up to a maximum of £1,500 per month or 60% of your gross annual income, whichever is lower. While this website features two distinct policies, there will be a few occasions when your personal circumstances will mean that you are not eligible for the featured policy. In such cases our quote engine will automatically substitute a policy that has similar terms and conditions to the featured policy. We promise in such circumstances to offer you the cheapest alternative available. The Employed To make a claim you must be entirely without gainful employment and registered as available for work with the Department for Work and Pensions. You must not be receiving payment in lieu of notice. The policy will not pay out: If your work is seasonal and you are now “out of season” If you are on a fixed term contract (special conditions apply) If you resign If you take voluntary redundancy If you lose your job due to events you were aware of within 60-90 days of the policy start date (this will depend on the policy you apply for). Some providers will waive this condition if the policy is to support a new mortgage You were not working for at least 6 months before becoming unemployed You refuse any reasonable offer of alternative employment by your employer Platinum Perspective
You will need to have permanently ceased trading, and in the case of a company director you will need to show that the company has been involuntarily wound up. You will not be entitled to claim if you are simply experiencing difficult times, and profits are not as good as previous years. The policy will not pay if you choose to close the company or cease trading as one name and start again as a new company. You must be entirely without gainful employment and registered as available for work with the Department for Work and Pensions. Married partners working exclusively in the same business, can of course double the benefit by each taking a policy. Platinum Perspective
You cease to be resident in the UK
These notes are intended as a guide only. They should not be considered as specific advice. Upon application we will confirm you have supplied all necessary information, and inform you of the terms and conditions of the selected provider, before the policy comes into force. If you think these notes are incomplete or misleading in any way, please contact us immediately. |
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Authorised by The Financial Services Authority Your Home is at risk if you fail to keep up payments on a mortgage or other loan secured on it Written quotations available on request |
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Telephone : 08450 55 95 65 Fax : 0871 277 1422 Email : info@platinumifa.co.uk FSA Registration Number : 227014 Mortgage Insurance | Unemployment Insurance Specialists |
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