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Insurance In Case I Lose My Job

Job Loss Insurance has been in great demand especially for the last 5 years. With joblessness becoming a real fear it is reasonable to consider some form of insurance to meet your liabilities. There are several options available which will cover your expenses in case of redundancy.

Job Loss Insurance is a type of coverage that provides mortgage payment up to six months in case of involuntary unemployment. Mind that it covers only the mortgage or loan repayments; it does not make provision for extra monthly outgoings. Job loss insurance is not available to the self-employed or those who are in the military.

In case one loses his job he may also apply for Unemployment Insurance (UI). UI is a government program that provides partial wage replacement to the unemployed while they are looking for a new job. This program is designed for people who are physically able to work, who are available for work, and who are actively seeking work.

These kinds of coverage are not accessible when unemployment is due to mandatory retirement, resignations, dismissal, misconduct or criminal activities. Mind that you wouldn't get job loss insurance immediately as you should be out of work for at least 30 to 60 days before you get the coverage.