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Losing your job can happen to anyone
How would you managed if you or your partner lost your jobs, especially if you’re paying a mortgage, loan or other debts, or have children to support?
You may have savings or money set aside but you could find it disappears quickly when it’s being used to pay for your monthly outgoings, food shopping and transport costs.
This is why we ask our clients to consider unemployment insurance.
How does Unemployment Insurance work?
This policy starts once you lose your job, and gives you a tax-free monthly income, which starts after you’ve been off work for a pre-agreed waiting period known as a deferral period.
You won’t be able to claim on your policy as soon as you take it out. There will be an exclusion period of between one and six months. This is likely to be longer with unemployment insurance than with sickness or accident cover, as insurance providers don’t want people to take out policies when they know they’re going to be made redundant.
How much does it cost?
The cost depends on how much you need to cover and for how long you would need the benefit should you become unemployed.