"Why would I need to take out unemployment cover" you could be asking yourself, if I were made redundant then I would have my redundancy money to rely on while I got another job. While it is true that you would get a payout from your company, if you started to rely on it to pay all your essential outgoings each month then it would soon run dry. It can be surprising how much your outgoings add up to each month when you sit down and work them out. Your mortgage alone is a huge outgoing, not to mention any loans repayments or credit card repayments you might have. Then of course there are all the small bills, food, heating, lighting and everyday things you have to payout for.
Unemployment cover taken for a small premium each month would allow you to be able to keep up with your mortgage, loan and credit cards, plus everything else you had to payout for. All you would need to do would be to decide how much your outgoings are each month and take unemployment protection with a standalone specialist provider.
If you should find yourself being made redundant then you would be able to start claiming on the policy after a period of waiting. The majority of policies have a waiting period and it can vary some payout after the 30th day of unemployment while with others you might have to wait for 90 days. Some providers would then backdate the cover to the first day of you becoming unemployed. Policies will continue providing you with benefit for a fixed period of time; usually you can take out a policy for 12 months or 24 months depending on what the provider is offering.
If you are worried about how you would continue meeting your mortgage repayments then you could consider taking out mortgage unemployment insurance. This is specifically to guard your mortgage repayments against unemployment. If you have a large loans or borrowings on credit cards that you are repaying each month then take a look at loan payment protection as unemployment protection.
If you would rather cover your income on the whole against becoming unemployed then choosing income protection as redundancy cover might be more suitable. All specialist providers will offer plenty of free information and advice regarding the policy that might be more suitable for your needs. Take your time and read the information that is given as this is the only sure way of gaining the peace of mind and the income needed if you should be unfortunate enough to have to claim against the policy.
All providers offering unemployment cover will allow you to protect up to a certain amount of your income, loan or mortgage each month. The exact terms and conditions of the policy will be found in the exclusions along with any exclusion that are added-in by the provider. There will be at least a few exclusions in all policies but the amount depends on the provider you are taking your protection from.
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