What happens in case something inevitable was to occur? If you lose your job all of a sudden due to some reason and you are unable to catch up with your monthly payments such as credit card bills, power bills, mobile or telephone bills, water bills, grocery bills, mortgage payments, do you have any financial back up? Your secured loan payments if falls back into an arrear, there is a greater chance of losing your collateral. A lender may repossess your house to claim back the loan payments. If it is an unsecured loan, then you may have to face court proceedings and compensate for the loss of payments. This again puts your asset at stake. You may have to file a bankruptcy!
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There is a solution to prevent such a disaster from striking you. Unemployment Protection Insurance is your solace. Just imagine if you have such a policy in place and you lose your job, nothing will affect you. You stay calm at home, happy that all your payments are met each month and you still enjoy your meals with your family and have a discussion across the dinner table. Or have a peaceful candle light dinner with your spouse. Yes, it is a reality. A redundancy protection insurance can help you stay calm even in a situation like unemployment or disability to work. You can relax as you know that you have a replacement income. You can focus on finding a new job and concentrate on making a recovery and earning your own income again. It is advisable to read out the terms and conditions of any policy before signing up with an insurance provider. As income protection insurance will not cover you for the compensation in case of an unemployment situation. It will only pay you income if you were to be disabled due to an accident or illness.
You will have no replacement income if you have faced an unemployment situation due to lay off. Your insurance provider will not cover your unemployment situation. Signing your policy with out clearly understanding the terms can cost you. You may lose out on your security, in case you have pending loan payments to make. A lender might seek out your property and repossess it to claim back the loan payments which are due. You may face a doom's day if such things were to happen. Always be prepared for such situations of redundancy and learn how to survive financially when your normal income sources are at stake.
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