If you want to have peace of mind that if through no fault of your own you should become unemployed then you can take out a policy to give you an income to replace yours if you should be unable to work due to being made redundant.
If you dont have a back-up plan and you did become out of work then you could be left struggling to keep your head above water when it came to paying your essential outgoings such as your mortgage, loan repayments or general cost of day to day living. Unemployment cover can be taken in the form of loan payment protection, mortgage payment protection and income protection insurance for a premium each month which is determined by your age and the amount of cover you require.
All unemployment cover policies would begin to give you an income each month you were out of work after a pre-defined period of waiting time which can vary from provider to provider and can be anywhere from the 31st day of being out of work up to 90 days. Once a policy has started to give you an income then it would continue to do so for up to 12 months and with some providers for up to 24 months which allows you to get concentrate getting back on your feet and back...
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