If you want to know that if you lose your job through no fault of your own, you will still be able to pay your bills, you can buy a policy that will give you a replacement income if you are laid off.
If you don't have a plan B and you lose your job, you might find it hard to keep your head above water when it comes to paying for things like your mortgage, loan payments, and the general cost of living. You can get unemployment insurance in the form of loan payment protection, mortgage payment protection, or income protection insurance for a monthly premium that depends on your age and how much coverage you need.
After a waiting period that varies from provider to provider and can be anywhere from the 31st day of being out of work up to 90 days, all unemployment insurance policies would start giving you money each month you were out of work. Once a policy starts paying you, it will keep doing so for up to 12 months and with some providers for up to 24 months. This lets you focus on getting back on your feet and back to work without having to worry about money.
Mortgage payment protection insurance (MPPI) is taken out to make sure you can keep making your monthly mortgage payments and don't fall behind and risk losing your home. If you have loan payments to make, loan payment protection will give you money to keep making those payments and make sure you don't go into debt. Income protection will insure your income up to a certain amount each month so you can pay your bills and keep your lifestyle the same.
You should get your unemployment insurance from a specialist because you will get some of the cheapest premiums and the information you need to figure out if a policy is right for you.
