Cover Yourself with Job Loss Protection Insurance
In the midst of a failing economy, jobs are becoming harder and harder to hold onto. Hundreds of thousands of recently laid-off workers are now desperately searching for ways to pays the never-ending bills. Homeowners, however, also have to deal with the pressure of paying their mortgages in order to keep their homes. Fortunately, adding a job loss protection insurance rider to your existing homeowners insurance policy can resolve this issue.
“In any economy, let alone the one we are living in now where jobs are cut en masse everyday, it is wise to financially provide for an uncertain future,” the recently published article on InsuranceAgents.com, Job Loss Protection Insurance: Myths, states. “Job loss protection insurance will give you and your family the peace of mind that should the main bread winner find themselves without a job, your most costly and important expense--your mortgage--will not go unpaid.”
There are several misconceptions about job loss protection insurance that you should be aware of before investing your money on it. For those who think they can be eligible for the rider if they quit their job, think again. “Unfortunately, you are not eligible for job loss protection insurance if you are jobless as a result of mandatory retirement, resignation, or are dismissed as a result of misconduct or criminal activities,” the article reports.
If you are hoping to start collecting immediately after you are laid off , then you will also have to think twice. Most job loss protection insurance riders don’t kick in until a month or two after you lose your job. Also, you will not have to bother with being the middle man because your insurance company will be dealing directly with your mortgage company regarding your mortgage payments.
If you’re interested in purchasing job loss protection insurance, start comparing homeowners insurance quotes online today. You can also contact a home insurance agent, who can help you decide if adding this rider to your existing policy is a wise decision. Chances are it will be.
Staff Contribution: Rafael Onak
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