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Unemployment Cover Cheaper When Bought Independently

Jul 31, 2008
Unemployment cover is a great product to have behind you in an uncertain world. If you were to become a victim of redundancy then you would still have an income to rely on each month for between 12 and 24 months. From becoming unemployed you would have to wait a period of time which is usually around 30 to 90 days and then you would be able to claim. You could also find that the provider would backdate the benefit to the first day of becoming unemployed so always check in the small print.

Unemployment cover is a broad term used for a family of payment protection policies. These are loan, mortgage and income payment protection. Each can be taken out in the same way and claimed on in the same way. However they do protect different financial situations as their name would suggest. They would all give you peace of mind which would allow you to concentrate on looking for work and getting back to earning a living.

Mortgage payment protection would allow you to cover up to so much of the repayment for mortgage each month. If you were to become redundant you would then be able to claim this figure back tax-free. This would mean you were not left struggling to pay the mortgage each month and would not be in constant fear of falling behind into arrears. If you did get into arrears you would earn a bad mark against your credit file and you are at risk of the lender choosing to take repossession of your home. While lenders will not repossess unless they have to, if you cannot prove that you have a steady income and are able to repay the arrears while maintaining the repayments of your mortgage repossession is a big threat.

If loan or credit card repayments are a big worry then you could consider loan payment protection insurance. Again you can insure your loan payment, up to a certain limit and then receive this to continue paying the lender. You would not fall behind into debt and have the worry of the lender taking you to court. You would also keep a good credit rating and as this what all lenders take into account when deciding whether you to give you a loan this is essential. You would also not have to worry about the lender taking you to court and gaining a County Court Judgement.

Unemployment cover can also be taken out to protect your income in general. This would allow you to cover your income again up to an amount set by the provider. You would then get this income back and be able to maintain all of your outgoings. These would include your biggest monthly outgoing which of course is your mortgage. Your loans could also be covered and so would all other bills that come into the home on a regular basis such as gas, heating, lighting and food. With a policy you would not have to juggle these bills around or risk putting them off until later.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of unemployment cover.
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