Unemployment Insurance Quebec Canada
unemployment insurance quebec canada
5 money saving tips For Income Protection Insurance
If you are afraid of becoming unemployed or are thinking about purchasing income protection in the UK, then take notice of the five things they don't (or may neglect to) tell you about when selling you an income insurance policy.
1. The Exclusion Period.
Nearly all policies have a wording which excludes claims for unemployment for 120 days or four months from the inception date when you took out the policy.
Insurance companies use this period to cover themselves against those who knew they were going to be made redundant or unemployed.
2. Monthly Premiums.
Nearly all income protection insurance policies are continuous monthly covers. Premiums are most often paid monthly in advance by direct debit for the next months protection.
Because premioums are paid monthly it is now possible to use the internet to shop around and find a cheaper supplier, without interrupting the income protection cover.
If you feel that you job is likely to be at risk due to the fallout from the credit crunch and the banking collapse, you should act immediately and purchase some income insurance.
3. Changing Policy. Cheaper Income Protection can be purchased from an independent ASU provider on the Internet. If you bought your income insurance cover from a bank or building society you could be paying five times the premium and should consider changing supplier immediately.
Many independent income protection insurance companies will have a premium waiver scheme in place for this time period, so as to win your new business.
4. A Voluntary Excess Period.
An excess period should not be confused with an exclusion period..
Excesses vary considerably by income protection policy and longer excess periods generally mean cheaper premiums.
So effectively you get benefit as soon as you are eligible for a claim and there is no 'excess period' in which you can't claim benefit.
5. Shop around for cover.
Income Protection Insurance is one type of insurance where it really does pay to follow the principle or maxim 'shop around'.
However today the better Internet sites, which are generally independent product suppliers, now make the process quick and easy, and should not deter you from purchasing this modern insurance essential in this most turbulent of economic times.
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