Unemployment insurance is a term used for mortgage payment protection, loan protection and income protection which is taken out in case some time in the future you find yourself unemployed by way of unexpected redundancy. While there have been many problems associated with the cover it can be a valuable lifeline if you should come out of work by giving you a tax free income each month.
Cover can be taken out just to protect against becoming unemployed or for additional cost you can include becoming unable to work through accident or sickness. The cover can be invaluable if you suddenly lose your income but unemployment insurance is not suitable for all individuals due to the exclusions in a policy. Common ones in all policies are if you suffer an ongoing illness, are of retirement age, only work part time or are self-employed. Always check the terms and conditions of a policy because exclusions will also depend on the provider.
Once you have made sure that a policy would be suitable then you have to decide which type of cover would be in your best interest. Mortgage insurance will give you a tax free income so that you can keep the roof over your head by...
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