Job Loss Insurance Myths
Educate Yourself On Job Loss Insurance
No job is safe in these uncertain economic times. If you own a home then you should take the precaution of job loss insurance to ensure you don't lose your home because you are unable to pay your mortgage. Added as a rider to your homeowners insurance policy, job loss insurance will provide up to six months of mortgage payments if you should be unexpectedly terminated from your job.
How Can I Get Job Loss Insurance?Because job loss insurance is actually a home insurance rider, your best bet is to find competitive home insurance quotes for free online. You'll get to talk with a variety of home insurance agents, but most of all, find opportunities to protect your financial future regardless of the type of home you live in. Be sure to ask your agent about job loss insurance and whether or not it is right for you.
- "I can collect on my insurance if I quit my job." Unfortunately, you are not eligible for job loss insurance if you are jobless as a result of mandatory retirement, resignation, or are dismissed as a result of misconduct or criminal activities.
- "I can purchase this insurance since I'm self-employed." If you are self-employed or own more than 10% of the company that employs you then typically you are not eligible for this type of insurance.
- "I can start collecting immediately after I am laid off." Most job loss insurance riders require you wait 30 to 60 days after you're laid off before the benefits kick in.
- "I will be receiving the payments from my insurance company." Typically, the mortgage payments will be going from your insurance company directly to your mortgage company.