How Can You Supplement Unemployment Benefit?
A lot of people are still worried about losing their jobs. Many of these people know that they cannot keep their bills paid if they lose their income for a long time. Of course, most of these laid off workers will find other jobs. But they want to know if there are any supplemental programs that can tide them over until they find a good new job.
There are still a few private insurance companies that underwrite supplemental unemployment insurance. There used to be more, before the Great Recession struck. But some of the larger players pulled out because they were paying out so much in benefits that the product lost money.
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Who Qualifies For Supplemental Benefits?
Sometimes you need to belong to an organization, like a credit union, in order to qualify. In some cases, you just have to join the organization to begin. You should also be aware that most of these policies also require you to qualify for state benefits in order to qualify for the private benefits. This means that these products will not help many contract workers or self-employed professionals.
It is important to understand how you actually qualify for benefits, because that understanding can prevent you from wasting your money. Besides needing to qualify by the type of employee you are, there may also be a waiting period. In other words, you may need to hold the policy for a certain length of time before you will qualify. You may also need to be employed for a certain length of time.
How Can You Find Private Unemployment Insurance?
I am not going to recommend any particular company at this point. If I were you, I would simply search on your favorite search engine. I did that myself and found several news stories about new companies with this product. Make sure you search for results for this year so you get current information. As I wrote above, the market has changed quite a bit in the last few years, but you still see older stories in the search engine's index.
How Much Do Supplemental Policies Pay?
Some charge a fixed rate for a fixed amount of coverage. Others pay a percentage of your past income, and they set their rates based upon that. You will probably not find a policy that can replace a hundred percent of your income, but you may find a policy that will supplement your state benefits and help you pay your bills if you are out of work.
Mortgage Unemployment Insurance
Some home policies have an option that will pay the mortgage if you lose your job. Again, you have to be sure you qualify. This may be worth exploring if you are worried about keeping your home loan current if you lose your income. All insurers do not offer this coverage, and you will certainly have to pay extra for additional coverage. It may provide some peace of mind if you believe you are at risk for a job loss. You could check out home insurance companies by searching the Internet or checking with your own insurance agent.
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