Loyalty in the organization is a fluid concept nowadays. The sad truth is that times nowadays are harder so no matter how long and hard you have rendered work for a particular company; you are not guaranteed lifelong job security. Cutbacks and redundancies is the work place are becoming rampant and therefore turning into an unavoidable risk. Of course as a regular employee, you will be entitled to a separation pay however most often than not, this is rarely enough to sustain your current standard way of living.
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When you suddenly find yourself without an income, the most likely scenario is you would find yourself struggling to pay your household bills, your house mortgage payments and even grocery shopping may be suddenly difficult for you to do. Don't be a victim. Learn to avoid financial difficulties. Consider having an unemployment insurance policy.
What is the benefit of having unemployment insurance? It gives you peace of mind because you know that in the event of a job loss for reasons out of your control you will still have a way to pay off your house mortgage payments, household bills and your grocery shopping. If you lose your job for reasons out of your control, your insurance will most likely cover you although you may be asked to prove that the nature of your job loss to your insurer.
Unemployment insurance is most commonly known by its more general term Accident, Sickness and Unemployment Insurance (ASU). These three are considered to be the main reasons why you are not capable of earning an income and therefore makes you entitled to receive monthly pay outs from your insurer.
Bear in mind though that each individual insurance policy may differ in some areas but they also have some common features which can be found applicable to most unemployment insurance policies.
Some insurance companies split ASU insurance into two elements; accident and sickness insurance also covers any disabilities which keep you out of work for a certain period of time, and unemployment insurance covers periods without work (sometimes referred to as 'redundancy insurance').
Some insurance companies further refine their policies, offering specific cover for mortgage payments, other loan payments, or simply a regular level of income. It may be the case that choosing less extensive cover will save you money, since some companies 'package' all these types of cover into one comprehensive policy, which may not suit your needs. Ensure that you read the terms and conditions of your policy carefully, to check that you are not paying for unnecessary cover.
However, your claim will typically only be covered if you purchased the insurance at least sixty days before you knew about your impending redundancy, and were in full-time employment for at least six months before purchasing the insurance. Remember that if you lose your job as a result of your own serious misconduct, or take voluntary redundancy, your insurer may refuse your claim.
Your unemployment insurance policy is already considered valid as soon as you have begun your monthly premium payments to the insurance provider. With the assumption that you have met the relevant criteria, once you file for a claim, your insurer will make cash payouts for an agreed period of time while you are actively looking for another job. 'Actively' means a concentrated effort on your end to find alternative employment.
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