There are literally hundreds of insurance policies out there for people to choose from. Choosing what you need however can seem like quite a daunting experience. When it comes to unemployment insurance, choosing the right kind is quite an important task. If your under insured you could possibly loose lots of your own money to cover yourself, if you purchase too much, you may find your paying twice for the same amount of cover.
One form of unemployment insurance is for sickness and serious injury. This insurance covers you in the event of job loss brought on by a serious illness or injury. You premium is based on how much money per month you want to receive. Amounts very between 1000 and 3000 thousand dollars. This policy is temporary and usually only pay for a year or when you return to work, which ever comes first. There is the possibility of a cash lump sum pay out in the event of death during the policy.
Unemployment insurance to cover for serious illness or injury does provide a few advantages. If you believe you can live comfortably of the limited amount provided then this could be a very good option for you. The other advantage is it is up to you how you spend the money. Your premiums are based on an amount not a specific debt or item you want to insure. How you choose to use the money is entirely your choice.
The only disadvantage is the amount. It is set once you buy your policy. If your financial circumstances change and you acquire more debt then your monthly pay out may not be enough to cover all of you obligations.
Purchasing a type of unemployment cover to protect you against serious injury or illness is a good plan. If you plan carefully and make sure you could live on the monthly amount then this form of unemployment insurance could provide you with economic piece of mind. It also offers flexibility to use how you wish. Caring for yourself and family in the event of serious illness or injury is very important. By thinking ahead you can prevent serious financial consequences from happening.