Do you have greater financial commitments? There is no guarantee of your income flow? Are you uncertain about your employment? It’s better to safeguard your monthly income flow by securing an income protection for unemployment.
What if you are suddenly made redundant? Or are unable to work due to an accident or illness? Unemployment protection will help you out in times of need. It is payable in monthly tax-free sums for a temporary period of up to 24 months. They can even cover you up till the period you return back to work or find a new job. A sudden loss of job may add stress to your condition and deteriorates your financial state. Whenever things change you must inform your policy provider because if your details do not match exactly the information on your policy your claim may be void. Clearly state your credit scores and other financial details correctly. If you have any pre-existing condition this should be clearly mentioned while applying for an income protection insurance. Pre-existing conditions and your general health are factors that will be considered and whether you are a smoker or non– smoker will also be taken into consideration. Any change of name in case you are married, change of address, change in salary, change of job or even job description are essential. There are different insurance covers to cater to different income class and different occupation.
Experts suggest such income protection cover for business class too as there is uncertainty of income. Therefore, it is essential to protect your monthly income to be able to make your mortgage payments, credit card payments, arrears and other household bills on time. It offers temporary income in case of an accident or illness. It protects your payments and thus safeguards your collateral too. If you have a high mortgage payment to make and you are unable to make your payments on time due to your unemployment, you may stand a chance of losing your collateral. Safeguard your mortgage payments and other house hold payments in times of redundancy, accident or sickness. Get an insurance cover to protect your income. Stay relaxed, if you are laid off, your insurance cover will meet your daily expenses and pay back your mortgage or other loan payments too.
If you already have an insurance with an existing insurance provider, you can take up your income protection cover with the same provider for better insurance premiums. You have an option of comparing insurance rates online and get a suitable cover.
Gyan K, Expert author, platinum status. For more information on:
Income Protection for Unemployment
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Quotes for Redundancy Protection
