Income Protection That Covers Unemployment & Losing Your Job
Income Protection that covers unemployment is useful if you are anxious about whether or not you could cope financially in the event you lost your job and became unemployed. This type of policy will help you financially if you become unemployed giving you a much needed income while you search for another job.
If you ever find yourself unemployed this policy will provide you with the necessary cover you require at a desperate time. What most people do with Income Protection is set up a payment order to begin when any other insurance cover expires which then leaves you in a vulnerable position financially.
If you have this cover in place and you become unemployed the policy is designed to give you an income by covering a percentage of your salary. Any payouts from income protection that covers unemployment are tax free. The monies will only be released after the agreed waiting period comes to an end and will continue until you either return to work, you retire or the policy expires- So why not consider an Income Protection policy today?
How Does It Work?
Income Protection that covers unemployment is designed to protect you and your income to ensure you are still able to pay your bills should you become unemployed and find yourself out of work. As the policy holder you will receive a fixed fee on a weekly or monthly basis should a claim be made. The monies will only be released to you once the agreed waiting period known as the deferred period has come to an end. The longer the waiting period with this type of cover, the lower your premiums will be. You will be covered up to the point where you return to work, you retire, the policy expires or you pass away.
There are countless features with Income Protection that covers unemployment, but the main features are:
- There are many extras available with this policy that offer additional protection
- Financially protected should you become unemployed
- The policy offers regular payments should you find yourself out of work
- Once a claim has been made, all payments are tax free
- There are also a number of policies available to provide you with the cover you need, these are: Re-viewable policies, age related policies and guaranteed policies
What Are The Benefits?
There are numerous benefits with this type of policy and these include:
- A wide range of policies and additions available to suit your needs
- Peace of mind for the policy holder knowing that if you become unemployed your bills and any other payments are covered
- The policy will remain in place for as long as you wish
- A claim can be made as many times as the policy holder wishes providing the claim is valid
- The monies released will be paid regularly and are tax free