Protecting yourself; Involuntary Unemployment Insurance

By: The Warranty News
 
July 9, 2013 - PRLog -- With today's economy having so many highs and lo's, job security these days are is not certain. One way to protect yourself and your family from the loss of a job is to have Involuntary unemployment insurance, also known as IUI. What IUI does is provides coverage to pay debts in the event of sudden unemployment.

There are different options for consumers to consider when shopping for involuntary unemployment insurance. There is income protection insurance, which will cover some expenses if they can no longer work. There is also payment protection. Payment protection will cover or suspend any payments during a time of involuntary unemployment. With this, a monthly premium is set and the consumer may need to hold the insurance for a time before benefiting from it. A requirement established to prevent consumers from purchasing insurance right before the unemployment.

The payment process works in different ways. One way is a direct payment from the insurance fund to the financial institution. The other way leaves the payments up to the consumer. They will receive a pay out where they can then decided how to split the money. While IUI can help to eliminate many outstanding debts, it is strongly advised to have money in savings to cover expenses since there is usually a waiting period before the unemployment benefits becomes active.

Since most involuntary unemployment insurance plans only last a few months, the consumer may need to speak to the lender to get an extension is he or she still can not find work. This could include a request to suspend payment or renegotiate the monthly payments. Terms of insurance policies should be well researched to understand what is and is not covered.

The Warranty Group is a full service extended warranty provider that has the professional acumen to match all needs. And in today’s market, it’s difficult to find a more prestigious or well-groomed set of products

To learn more about The Warranty Group, its resources, and the products it can put in front of your customers, please visit our website (http://www.thewarrantygroup.com).
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Source:The Warranty News
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Tags:Involuntary Unemployment, Insurance, Unemployment Benefits, Unemployment Claims
Industry:Business, Insurance
Location:United States
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