Unemployment is a serious concern now. Recession has hit the Information Technology and other sectors badly and a huge number of people are being laid off. If you dread to lose your job, which is inevitable how do you protect your loan payments and your regular income. It is stressful to even think about it. Be prepared for such situations of redundancy and learn how to survive financially when your regular income is at stake. See, if you can get any supplemental income from an unemployment protection insurance. This is also known as Redundancy Insurance cover.
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Firstly, think about your loan or mortgage payments, credit card payments, pending debt payments, what will you do, in case of an event like illness, redundancy, accident or unemployment. Consider, the cost of getting a redundancy protection insurance. See how important these mortgage or other loan payments are. What will happen incase you have used your collateral against your loan payments. There is fear of your collateral being repossessed by your lender. If you are not sure about your financial stability, then you must consider payment protection insurance.
If you get unemployment protection insurance, it can offer you tax free benefit too. This will be covered through the entire unemployment protection term which is roughly up to 12 to 24 months. This varies from one insurance provider to another. You are covered between 30 to 90 days of consecutive unemployment or redundancy before you receive your first payment.
Such unemployment insurance covers a portion of your financial commitments, in the event of inability to work temporarily, redundancy, illness or accident. Read below, to get a gist of what are covered under this insurance cover.
Protection insurance of unemployment covers:
It covers your income (this is usually 50%)
Part of your mortgage
Household outgoings
Other loan repayments and credit card payment up to some level agreed upon.
However, the above benefits of the insurance cover vary from one protection insurance lender to another. Unemployment insurance provider pays a different maximum amount per month. This can be up to £2000 per month, this is a maximum amount. Find out from experts, what is the limit you are covered for, reach online.
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