Unemployment Benefit Insurance
Unemployment Benefit Insurance means that the insured has unwillingly lost his or her employment and has no other source of income afterward. The policy provides coverage by paying clients their last net salary for a period of 12 months, subject to a maximum amount as stated in the policy schedule.
The reason for Unemployment must be that:
- The insured became redundant due to the employer adopting a new way of doing business; or
- The employer decided that fewer workers are needed in the business.
