Pink slips and massive lay offs were evident during the time of recession. To add to your myriad financial problem is your medical emergency. Burgeoning monthly expenses ruins your mental peace. A sudden loss of job is a nightmare isn't it? Look at what you can do to avert such situations. Although you can't prevent loss of job, you can reduce the implications of unemployment.
Basic expenses that you need to cover every month:
Credit card payment
Store card payment
Mortgage or other loan payment
The benefit of an insurance cover is that it offers supplementary income when you are out of employment for a temporary period or till you resume back to work. Your life is secured and you need not fear any loss of job. Unemployment insurance is a great solace when you lose your job.
Your life insurance may not cover you for being out of employment. Hence, protecting yourself under income protection or unemployment is important to get an ASU (Accident, Sickness and Unemployment) cover. Therefore, be prudent about which policy you are planning to take up. The only solace when you are financially troubled is a policy coverage which covers your monthly expenses.
Check out for the deferment period before signing up for a policy. If the deferment period is longer then you pay up lower premiums. This means that you need to wait for a month or two before you claim your insurance amount. If you don't want to wait, then you can opt for a shorter deferment period.
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