Take out an unemployment insurance policy wisely
- 24TH NOVEMBER 2007
You have to understand what an unemployment insurance policy is capable of protecting and what it is not if you expect the product to work in the way it was designed to work. Unemployment insurance comes in the form of loan payment protection, mortgage payment protection and income payment protection insurance and all policies are taken out for a premium each month which is determined at the outset of the policy.
Mortgage protection when take out as an unemployment insurance policy would give you the money each month so that you could carry on repaying your mortgage repayments without the worry of where to find the money, or the fact you could lose your home due to repossession if you lost your job and were without an income.
Loan protection would give you the income with which to continue meeting your loan repayments and so make sure you would not get into debt and income protection would ensure you had the money to continue living your lifestyle and paying the essential outgoings. Cover from British Insurance who are payment protection specialists would give you an income from the 31st day and then continue for up to 12 months, with others it could be anything up to 90 days and cover could last for 12-24 months.
As with any insurance cover, an unemployment insurance policy will have exclusions which could mean that it is not suitable for the needs of everyone; common reasons which could stop you from claiming include if you only work part time, suffer from a pre-existing medical condition, and are retired or self-employed.
All ethical specialists in payment protection should make sure that you are given this information regarding exclusions along with the key facts of the policy and British Insurance being one of the most ethical certainly does. They also offer some of the cheapest premiums for the cover and can help you to save up to 80% on loan cover and 40% on mortgage cover while at the same time giving peace of mind that because you have bought your unemployment insurance policy from a specialist, you will have a quality product.
