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Unemployment Protection Could Save Misery

Jun 2, 2008
Being unemployed after being made redundant would leave you feeling miserable enough without having to face the fact that you have lost the income which you have come to rely on each month to keep your head above water. However you could be ok if you had the foresight to have taken out unemployment protection for your outgoings.

Unemployment protection can be taken in many forms and to protect many different bills you have to pay each and every month. Bills have to be maintained even if you are unfortunate enough to have been made redundant and you cannot solely rely on redundancy money. While you might have ample redundancy money, you would soon see a big dent appear in it if you had to maintain payments such as your mortgage or credit cards and loan repayments.

Loan payment protection insurance would provide you with a sum of money that is tax-free so that you can continue meeting your repayments while you look around for work. Finding a job in some cases takes a great deal of time and effort. You could have to attend several interviews and wait for answers and this all takes time and while you are not working you are not earning.

Your mortgage is one of the biggest worries you have hanging over your head if you find yourself out of work. The mortgage lender will not wait forever for you to find work again. However you can protect it by choosing mortgage payment protection as unemployment protection. Mortgage cover can either be taken just to protect against the possibility of unemployment or you can combine it to protect against being out of work for accident and sickness also. You wouldn't have to worry about losing your home with a mortgage insurance policy behind you while looking for work.

Your policy to protect against unemployment will begin to provide for you after you have been unemployed for a specific amount of time. Some providers ask that you are out of work for a minimum of 30 days before cover commences and some backdate to the first day of unemployment. Others could defer paying out until the 90th day of unemployment, so it really pays to read the small print of the policy.

The small print will also hold valuable information about your cover and this is another reason why you need to check out the terms and conditions thoroughly before rushing into buying a policy. Almost all polices come with some exclusions in them, all types of insurance products do and payment protection policies are no exception. These are reasons which could mean protection would not be suitable, so look for these in a policy before buying as some provider add-in many and others just a few.

Unemployment protection will vary in cost depending on the provider you get the quote with. It is essential that you choose standalone specialist providers to get your quotes from as these will offer the lowest quotes and the best quality products. Never be tempted into taking out the cover alongside any loan or mortgage deal you get, in the majority of cases this can be the most expensive way of taking valuable cover.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of unemployment protection.
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