Unemployment cover may be the best thing you ever bought: what happens if you are made redundant, through no fault of your own? Who will pay the bills? If you take out unemployment cover you will be able to draw on a monthly amount that will be sufficient to meet you needs, for an agreed time according to the policy. It could be either 12 or 24 months - different providers have different policies - and it will be a tax free sum.
How does it work? It's simple: you pay a monthly fee to an insurance provider, and they invest it so that, should the worst come to the worst, there is enough money 'in the pot' to provide a suitable regular payment for you. There are, of course, conditions, but these we shall come to later. First, let's look at how to buy a policy.
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You may think that it's a case of visiting one of the many famous names on the high street and agreeing terms: this is all very well, and can be done, but it is not the recommended way.
Any adviser of worth will tell you to find a reputable independent provider, for there are differences that may not be apparent: the high street vendor may well try and coerce the consumer into buying there own branded product, and this has been found to happen, yet independent providers have been proven to be considerably cheaper than the famous names. The added search may seem like a chore, but it will save you a good deal of money and that, of course, is well worth the effort.
Now, back to those conditions: the first thing the independent provider will do is look through his wide range of available policies to find unemployment cover that is suitable for you. This will depend on many things, the obvious being what you want from the policy, and how much you can pay. It is vital to remember that these policies cover only unemployment by redundancy: should you become so via illness or accident there will be no pay-out. If you require accident and sickness cover the provider will be more than happy to oblige with the addition of a small fee.
Furthermore, the customer should be made aware of the non-payout periods involved: following an incidence of unemployment there will be a period that needs to pass before the policy begins to pay. This can vary, with the norm being around thirty days but some policies extending to as much as ninety days. Clearly this needs to be budgeted for, and is a very important part of the agreement.
Sitting at you desk in your safe and secure job it may seem that unemployment cover is an unnecessary extra payment that you can do without. This is particularly true of the young who are prone to leaving things too late. However, in this case, too late really is too late for finding oneself unemployed and without suitable cover can result in far more than just a few months of hardship and tightening of the belts. Look for a policy now, and give yourself the peace of mind you deserve.
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