Do You Know Your Unemployment Insurance Coverage?

By Author: Shourya Ray Chaudhuri
Total Articles: 598
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Unfortunately, in the current economic climate, unforeseen unemployment through sudden redundancies, with no fault of the employee or prior alarm is becoming more common. Due to continuous fluctuations in the economic scenario, the organizations at the brim of success with increasing demand of raw materials, hardworking and smart resources and newer clients may get to witness the fall in revenue due to various reasons.

Protection insurance can make a big difference to one’s life, during financial crisis i.e. during loss of work due to involuntary redundancy of no fault of the employee. If you find yourself unable to earn regular income, because of no power left in your hand to earn due to sudden redundancy, unemployment protection insurance acts as a boon in such situations. Imagine your wages suddenly stopped from next day, a very scary thought but in reality it is an unfortunate phase to pass, without financial assistance would you be able to meet your monthly bills and going on holidays or to even lead a normal regular life? Unemployment protection insurance cover, is designed to provide you with the financial support ...
... to help you get back to work as quickly as possible, which can happen only when you have a clear mind, instead of regular nightmares of meeting the needs of the family and loaners posting legal papers threatening of taking legal actions if not repaid them.

Applying for an insurance coverage is not all that an easy task, as you must decide how much you need to protect yourself to face the dreading situation, after which you can decide up on the category of such protection insurances available. There are many criteria’s that you need to keep in mind, like, your age, income structure, sex, marital status and health issues while choosing the coverage. However, all providers would provide a limit on these covers, so you must check thoroughly much before opting for the security.

The sum the provider consents to protect you with, would actually be the amount that you can retrieve while you claim it with reasons of becoming jobless or ailing with serious injury or disease. The payments that you would receive after informing the insurance company of your disability or loss of job might be tax free and would possibly continue for either twelve or twenty four months depending on the conditions that the insurance company offers. After being hit by the unfortunate phase i.e. the time period from when you have been out of work, the insurance companies usually take thirty to sixty days to get started with, the conditions of coverage, which would continue for the next twelve to twenty four months of financial security allowing the claimant to lead a peaceful life.

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