Unemployment Doesn’t Have to Equal Poverty
photo credit: Jake Miller Even though the global economic crisis has taken many jobs and has flawed many businesses, the job crisis still isn’t over as many jobs are still being shed as companies attempt to rebuild. But where does this leave an employee who’s just lost their job? Some people would tell you that it means they are going to lose their home and their family. But it doesn’t have to be this way because job protection insurance can provide a barrier against the financial woes which come with being made redundant.
What Does it Do?
One of the main problems which arise from the loss of a job is the fact that paying off the mortgage can quickly lead to immense amounts of debt, but with this form of insurance you can get six months of your mortgage completely paid for. This will allow you to get back on your feet and protect yourself from a surge of rising debt.
Do I Need It?
This depends entirely on your situation. If you are single and are living in a house on your own then you absolutely do need it, assuming you have a mortgage. However, in the case of families, things are a little different.
• If you can afford to pay off the mortgage by dipping into additional funds then job protection insurance may not be necessary.
• If you are not the sole breadwinner of the household then this type of insurance might just be a waste of money, on your part.
• Self-employed people have no rights to this insurance, so if you run your own business then you absolutely don’t need this type of insurance.
Where Can I Get It?
The easiest way to find this insurance policy is to simply go to your mortgage lender and they will provide you with it, but this will often not provide you with the best rates available. This is why an online comparison tool can help with finding the best rates because all you have to do is enter all of the relevant information and you’ll be presented with a list of companies who provide this type of insurance.
Find out more and get quotes for job protection insurance at Protection4.me