How would you manage to pay your essential outgoings if you should suffer from a lost income? Do you have any form of a backup plan on which to fall back? Many people never give a thought to where they would get the money needed or assume that they would be able to claim help from the State. Some consider using savings as a way of getting by, however if you had to rely on either of these then you could be let down. The only real way of being sure that you would have the income needed would be to take out unemployment cover.
You have to take into account that you could be unable to find a job for many months and if you were relying on savings they could soon dwindle away. Not only would you have to pay your mortgage and such commitments as loans, but you would also have to put food on the table, pay your water bill, heating and lighting bills and anything else that came your way. Relying on the State could be just as futile, you need to be eligible to claim to begin with and then you could be waiting for several months before you are provided with benefit. The money you were entitled too receive would depend on several factors and it might not be enough for you to be able to maintain your lifestyle and bills. If looking for help from the State for your mortgage then you would only get help for the interest part of the mortgage and up to a certain amount.
Unemployment cover can be taken out to protect your own income. You are able to take income payment protection to insure up to so much of your own income each month in case of unemployment. If you then become unemployed you could have to stand to so many days and then you are able to claim on the policy. Once it has started to payout it would continue to do so for a certain time and the stop. Usually it is somewhere between 30 and 90 days before you are able to claim and then continues for between 12 and 24 months. With the policy you can maintain your mortgage, loan, credit card repayments and all other essential outgoings. You would not have to be worrying where to find the much needed money or worry about getting into debt.
Unemployment protection can also be taken out as mortgage insurance with the sole intention of paying your mortgage each month. You would not get into arrears or be worrying about having your home repossessed if you got behind. If you did get behind you could really struggle to catch up on the arrears and this would be listed on your credit score.
Loan protection can also be considered by those who have the commitment of a loan each month, this also includes such as credit card borrowings. You would be able to take unemployment cover for the amount that you pay out each month, up to a certain amount and then use this to continue paying each month. You would not get into debt so it would not spiral nor have the lender threatening court proceedings.
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