Unemployment cover is best taken with a specialist in payment protection
- 17TH OCTOBER 2007
Unemployment cover can give great peace of mind and the security of an income if you should become unemployed by such as accident, sickness or redundancy. The income it could give you would then allow you to continue meeting your essential outgoings, your loan and mortgage repayments without worry of where to find the money.
However the cover isn’t suitable for all individuals so it is essential that you read the small print of a policy and are aware of the exclusions which might mean you would be ineligible to make a claim. Some of the most common include being ill at the time of taking out the cover, being self-employed, of retirement age or if you only work part time. The exclusions can differ as Simon Burgess f specialist payment protection insurance provider British Insurance warns so it is essential that you are given the information you need to determine if a policy is suitable before you buy.
British Insurance offers unemployment cover by way of mortgage payment protection insurance which gives you an income to continue repaying your mortgage repayments each month and so not get into arrears; loan payment protection would cover your monthly loan repayments; and income protection would give you a replacement income to cover a certain amount of your own income each month.
British Insurance offer unemployment cover which can not only save you money but also back up their award winning products with the essential advice and information you need to determine if unemployment cover would be a suitable product for your circumstances. You can take loan and mortgage payment protection out alongside the loan but historically this is the dearest way of taking out the cover and you are often given very little information regarding the product. So stick with specialist providers and get several quotes for the cheapest premiums.
If you buy your unemployment cover from British Insurance then you would have the money needed each month you were out of work for up to 12 months and it would begin to payout after you had been out of work continually for 31 days.
