FAQ's on Unemployment Payment Protection

When will you be protected under Unemployment payment protection?
You will be covered under this, when you lose your job or are made redundant. You are completely handicapped and are unable to get back to work for life time.

What are the benefits of such a payment protection?

When you are redundant, lost your job, met with an accident or are sick, then, you can meet your financial obligations such as credit card, loan or mortgage repayments even with out a monthly salary. Insurance company will pay you a portion of your salary. It will allay your financial stress when you are out of job due to some inevitable reason. You can stay relieved even in times of such a crisis. With a protective cover, you need not worry about money instead you can focus on getting a better job or faster recovery.

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Will you be covered if you voluntarily leave your job?

Unemployment insurance cover will cover a person only when he becomes unemployed involuntarily. If you have left your job voluntarily no compensation will be paid to you.

How long will it take to get benefited form this insurance policy cover?

It takes around 30 days from the days you are involuntarily out of job. You can avail the benefits after this 30 days duration, of being out of work.

How much will you be compensated for under this policy cover?

The amount of compensation will vary from one company to another. They would pay a minimum of 50 and a maximum of 75% of your previously earned salary. When you are unable to work, you will get this portion of your salary from the insurance company.

Will this insurance policy cover you if you have credit card, mortgage or other loan payments?

Yes, this insurance policy will cover you for your mortgage payments, credit card bills and other financial obligations too, if you are involuntary out of job. Also, remember if your deferment period has been longer, then you end up paying lower insurance premiums.

Does this mean that you must have a mortgage, credit card or loan payments to be eligible for this cover?

No, you need not have a loan payment or credit card payment to make in order to be eligible for it. It applies to all who have lost their job involuntarily or have become unemployed due to sickness or injury and have a protective cover against that.

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