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Understanding The Importance Of Unemployment Insurance

Feb 11, 2008
We all give adequate thought to the security of our valuable possessions like, the house or car and provide them insurance cover but we seldom accord the same consideration to the most valuable asset of all, our employment. Our income is what keeps the kitchen fire burning and also takes care of some necessary expenses like mortgages, loans and credit card repayments.

In todays world where you can expect just about anything to happen, you should be prepared to handle an eventuality as serious as losing your job. In this context, getting an unemployment insurance coverage would be advisable. While you may have some savings put away that could take care of your household expenses for a while, monthly payments towards mortgage, loans and credit cards could cause trouble. Any default in these and you could find yourself in acute difficulty.

Mortgage payment protection insurance (MPPI) as a part of unemployment insurance is very valuable as an income substitute for the one that you may have just lost. Loan payment cover acts in a similar fashion ensuring that you have money to repay your debts on time every month so that you may not lag behind in this respect. Unemployment insurance to cover your income is also available. You can insure your income for a specific monthly amount, which will enable you to live up to your earlier lifestyle.

Unemployment insurance policies have certain basic conditions that have to be fulfilled before you become eligible for the benefits. There are a minimum number of days that you should be jobless to qualify for unemployment insurance benefit and money to be handed over to you. In most cases this time period lies between 31 and 90 continuous days without work. Depending on the terms and conditions, unemployment insurance benefits will be provided to you for 12 to 24 months.

Along with the waiting period there often are circumstances that are excluded from the policy benefits. Some of the common reasons that prevent a person from availing unemployment insurance benefits are part time jobs, suffering from a disease while purchasing the policy and also being self-employed or retired. It is very important to go through the fine print before you take out an unemployment insurance policy because apart from these exclusion clauses there may be others so you had better make certain beforehand that you qualify.

Instead of opting for a policy in conjunction with a loan or mortgage, it is best to go for unemployment insurance cover from an unrelated specialist provider. This will ensure that you get a good deal with respect to premiums and other associated issues. Also always ensure that you approach a reputable insurance company for unemployment insurance cover.

With an understanding of unemployment insurance you can realise the importance of this type of insurance cover that helps gear up for any unforseen eventuality in a world fraught with uncertainty. So, be prudent and opt for unemployment insurance and secure your future.
About the Author
Rohit Chopra has written several useful articles on monetary topics like
Insurance ,
Car Insurance ,
Health Insurance ,
Auto Insurance , etc. Get more useful
information on Insurance at http://www.monetarymatter.com
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