Unemployment Insurance Program - How Relevant is It?


Losing a job is an enormous downfall on your financial life. Your mortgage payments, insurance, car repayment and other bills payments will come at a standstill position. There is every possibility that you'll find a job that pays less than the job you left and that may be scanty to catch up on your bills payment.

Its needless to say that your state's unemployment insurance or mortgage/loan payment protection or income protection may not be enough to pay your mortgage and other debt payments. You will still need extra insurance for longer period of unemployment to protect your financial interests and for this you can consider a private unemployment insurance which are available in most states up to a $2000 a month.

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If you suppose you need one, you can go for online affordable quotes. A good unemployment insurance policy can cover involuntary unemployment and going further it covers your finances in case you're disabled, laid-off or hospitalized, even provide death benefits to the decease's family.

Policies may available with some limitations or waiting periods or requiring you to qualify yourself for government unemployment benefits for processing your unemployment insurance claim. Pre-existing conditions will be covered provided that you've continued your policy for a specific period of time.

This Unemployment Insurance (UI) program, however helps counter economic fluctuations. When economy grows, UI program revenue rises through increased tax revenues while UI program spending falls as fewer employees are unemployed. It also creates a surplus of fund or a cushion of available funds for the UI program to draw on during a recession.

In recession, UI tax revenue falls and Un-employment Insurance program spending rises as more workers lose their jobs and receive Unemployment Coverage benefits. The increased amount of UI payments to unemployed workers puts additional funds into the economy and dampens the effect of earnings losses. Normally, the employees must be unemployed through no fault or lay offs.

Unemployment benefits are based on reported covered quarterly earnings. The amount of earnings and the number of quarters are used to determine the length and value of the unemployment benefit. It generally takes two weeks for benefit payments to begin. I think the major draw backs of UI program is that when you lose your job or being laid off, your employers may sometimes force you to leave your job in their vested interest.


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