Cheap unemployment insurance could replace a lost income
- 2ND NOVEMBER 2007
If you were to become unemployed suddenly by way of involuntary redundancy then you could be left struggling where to find the money each month to carry on paying your essential outgoings and continue living your lifestyle. If this was to happen and you had taken cheap unemployment insurance beforehand, then you would not have to worry as the cover would give you a replacement income.
You do however have to give this valuable protection some thought because depending on where you choose to buy the cover it can work out expensive and you might not get the information you need to make sure the product is suitable for your circumstances. If you take the cover that is offered at the time of taking the loan with the high street lender then the chances are that you will not get the information needed to ensure that a policy is suitable for your needs and the cost of the cover will work out far more than you would you pay if you had gone with a specialist in cheap unemployment insurance such as British Insurance.
Cheap unemployment insurance can start to payout with British Insurance from the 31st day of being out of work and would then continue to give you a tax free income for up to 12 months, however some providers ask that you are out of work for anything up to 90 days but can continue to payout for up to 24 months. The premium you are quoted for the cover is based on the amount of cover you need and your age at the time at taking out the policy and whether you want to take out cover for accident, sickness and unemployment or accident and sickness only or unemployment only.
You can choose to take cheap unemployment insurance to safeguard against the possibility that you might come out of work and not be able to continue paying your mortgage repayments which means that you are at risk of having your home repossessed if you do not keep up with your mortgage repayments.
If you wish to insure against a loss of income so that you would be able to continue making your essential payments each month then income insurance could be a great help and loan payment protection will give you the money each month with which to carry on paying your loan or credit card repayments.
All policies do have clauses within them that could mean that you wouldn’t be able to make a claim on a policy and so it would be useless. Some exclusions which are common to all policies are if you have an ongoing illness at the time of taking out the policy, if you are self-employed or if you are only in part time work. There can be other exclusions in policies so it is essential that you do read the small print before buying cheap unemployment insurance.
An ethical specialist such as British Insurance will always give you the information and key facts of a policy before you buy the policy so that you are able to ascertain whether or not a policy would be in your best interests. Cheap unemployment cover can be a great asset to have but only if a policy is suitable for your circumstances.
