Job loss insurance is the only way to reduce the risk of home loss. Are you calculating the risks? What will happen to your new home if you lose your job?
Everything flows, everything changes. Today you have a great job with a good income, and you take a mortgage on housing. Carefully calculate what percentage of the salary will be spent monthly to pay it off.
Are you calculating the risks? What will happen to your new home if you lose your job? Job loss insurance is the only way to reduce the risk of home loss.
Job loss insurance is a service provided by insurance companies. Citizens who take a loan use this service and then they will not be forced to give a loan otherwise.
If the client loses his solvency as a result of one of the situations that are considered insurance cases, the insurer pays him the amount necessary for the monthly repayment of the loan.
This continues, depending on the selected program, from six months to a year. Which is very convenient and serves as a guarantor of security and tranquility – after all, for such a period you can find a new decent job.
How to choose an insurer
If you want to take out such insurance, carefully study the information about different insurance companies on the network. It is important to trust those who are reliable and will not let you down.
Reviews from other customers on the Internet often say more than the site of the organization itself. Remember that in case of dismissal of your own free will, you will not be able to receive payments in any insurance company.
When payout is due
Each company has its own list of insurance claims, but there is a basic list that is valid for everyone.
- The company where you work is liquidated for any reason;
- There is a reduction in staff;
- A new owner appears, playing by his own rules;
- You lose your ability to work due to an accident;
- You are being drafted into the army.
Do not count on payments if:
- You are dismissed through your fault (violation of the routine, discipline);
- You quit yourself of your own free will;
- You lose your ability to work due to your own fault, as a result of safety violations, alcohol use, and so on.
Where to get insurance
The good news is that job loss insurance extends to any type of loan. You have a consumer loan or a mortgage, you can inform your bank that you want to insure yourself when you apply for documents at the bank.
Banking workers will help you, because often they already have agreements with relevant companies and there are several insurance programs to choose from. Through the bank, the procedure for issuing insurance will be faster, there will be less paperwork, you will not have to wander around the offices with various certificates.
However, in this case, you must trust the bank and the organizations that cooperate with it. If there is no trust, it is better to look for an insurance company yourself, sign up for a consultation, make a balanced decision.
So, job loss insurance, where to insure:
- Directly at the bank in which the loan is taken;
- At the insurance company of your choice.
The conclusion of the contract is a guarantee of safety. Wherever you take out insurance, you must necessarily conclude a contract. These few pieces of paper are your guarantee of service reliability, confidence in the future. In the modern world, everything is changing very quickly, and an unexpected reduction in employees can knock you down.
Loss insurance will help you rise with the least loss, namely:
- The insurance company will continue to pay the loan for you, and you will not turn into a malicious payer;
- You will find a new place without haste;
- In the case of housing mortgages, no one will take your home.
Job loss insurance, conditions of registration
Any adult citizen can draw up a contract on condition that he has a passport, seniority at the last place of work of 3 months and a total seniority of one year or more.
The experience includes only those places where you are officially registered, with confirmation in the form of an employment contract.
Take any working documents seriously – it’s likely that one day they will save you from loss of housing and livelihood.
Mortgage Loan Insurance Features
Most often, insurance payments go to mortgages. When the owner of such a loan loses his job as a result of an insured event, he has nothing to worry about – the company takes all the care into it. In the situation with a housing mortgage, the saddest thing is not a bad credit history, but the loss of a new home. And this is a much more serious case.
Secure yourself or take risks?
How many people, so many opinions. There are both adherents and opponents of such a procedure as job loss insurance.
Opponents refer to the fact that in difficult times they can always be helped by loved ones, friends and family. But is it worth spoiling relationships with relatives by blood and spirit, mixing financial ones with personal relationships?
In addition, in business contacts we have specific guarantees confirmed on paper.
There are also dissatisfied customers who have taken out insurance. The main reason for dissatisfaction is the dismissal of your own free will or your fault and, as a result, the absence of payments. You need to remember about insurance cases, not to recede from them, then everything will be fine.
Insurance against job loss, its cost is not as great as your security in the future.
The insurance company will pay, will do it on time and regularly. And you, meanwhile, will be able to go to a hundred interviews and get the position of your dreams.
Be careful when choosing an insurance company and program, follow the rules prescribed in it.