Go independently for your unemployment insurance policy
- 30TH DECEMBER 2007
An unemployment insurance policy can give peace of mind and the income which to help you keep your head above water should you become unexpectedly unemployed, but only if your circumstances permit it and you have to check the small print of the cover to determine this.
Unemployment insurance can be taken out for different circumstances. If you have a mortgage and want to ensure that you would have the money each month to carry on making your repayments then a mortgage protection policy could help you to keep your head above water. If loan repayments are a worry then loan payment protection could provide you with the income needed to carry on meeting your loan or credit card repayments. If you need an income to maintain your lifestyle and pay your essential outgoings then income protection could give you peace of mind.
Cover has been classed as often being very expensive and it can be depending on where you choose to take out the cover. Cover from an independent standalone provider such as British Insurance can save you as much as 80% on loan insurance and 40% on mortgage payment protection when compared to the high street lender.
What is more important is the information you are given before you buy the cover regarding the exclusions which can be found in all policies. Exclusions which are common include being self-employed, retired, having an ongoing medical condition or if you do not work full time, while these are the most common there can be others.
Mis-selling unemployment insurance was and still is a major concern but if you choose to buy the cover independently as opposed to from the high street lender alongside the loan, then you can be sure of getting the advice and the key facts needed to make an informed decision.
