Unemployment insurance can be a very valuable asset to have in your corner if you should find yourself without an income to fall back on each month. If you lost your income you would perhaps have to juggle around with the little money you had coming in. You might even have to risk missing a couple of payments and then you could really be struggling to catch up.
Unemployment can happen for many reasons, redundancy is a common occurrence and if you have payments to make each month such as mortgage, loan or credit card then how would you manage if you were out of work for many weeks or months. Jobs can be hard to come by and they can be even harder when looking for one that meets your salary and expertise. You would not want to be worried about your bills while you were out looking for work as this could impede your search. Unemployment insurance would allow you peace of mind during your search for work so you could concentrate. There are different forms of insurance to choose from to guard against unemployment depending on your circumstances; you can get cover for a loan, mortgage or your income.
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If you are worried about where to find the money to continue paying your mortgage then you need to think about mortgage payment protection. A policy can be taken out just for unemployment or you can choose to pay more to cover accident, sickness and unemployment together. The premium for a policy would be based on the amount of your income that you want to protect each month and how much of your monthly mortgage repayment you wish to protect. Once you had cover behind you if you become unemployed you would have to wait for so many days before being able to claim. Some providers ask you wait for around 30 days while with others it can be as much as the 90th day. Upon commencement of the policy you would then have an income each month that was tax-fee for a certain length of time before the policy would end. Some providers offer a policy that would run for 12 months. Others could offer protection for 24 months.
For those who worry about loan payments each month or credit card repayments then loan payment protection could provide them with the money needed to be able to continue meeting their outgoings. A policy could be taken out to cover the amount that you pay for your repayments each month and this would be the sum you would get. If you wanted to protect up to so much of your own income each month then income payment protection taken as unemployment insurance would allow you a replacement income. You are able to use this to pay your mortgage, loan, credit card and other essential outgoings each month. You would also be able to pay bills that come into the home on a regular basis such as the grocery bill, heating, lighting, water and council tax bills.
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