Unemployment Insurance For Income Protection
Today there seems to be an insurance policy for nearly everything. Many of us are probably wondering, do we really need all of these policies? The truth is, probably not, however there may come a time when unemployment insurance for income protection will come in handy.
Ask yourself this, what if I couldn’t work for the next 2-5 years due to sickness or injury? How would the mortgage get paid? How would the basics get paid? How would I survive? If you are in full time employment then chances are you do have some kind of disability cover. However, these do not last forever. Suppose you can never return to work, what would you do? By purchasing unemployment insurance for income protection, you can protect your financial situation for a much greater period of time.
Most insurance companies will have various policies available. Ideally you will want something that will start when your current employer’s policy ends. You also may have a limit on how much of your income you can insure. The average is about 80 percent. However, you can choose a policy that pays this amount for the duration of your life if necessary.
Protecting your income is important. Without it most of us would have difficulty surviving. If you have a family, their future could be seriously at risk. Your partner or spouse would also have extra financial stress being the sole provider. This can all be avoided with a small monthly payment.
Unemployment insurance for income protection can be a wise move. None of us know what the future holds. In the unfortunate event of an accident or serious illness, a policy can mean the difference between living comfortably and having to make serious changes. You will have enough to worry about trying to recover; financial problems need not be a concern with unemployment insurance for income protection.