Finance Point

Unemployment insurance can be a godsend to those whose circumstances mean they would be eligible. The key point to bear in mind when choosing a policy is to check the terms and conditions and, in particular, the exclusions. Frequent exclusions include being of retirement age, only working part time, being self-employed or suffering an ongoing illness. Providers can put in other exclusion as well, so the terms and conditions of any policies you are considering must be compared along with quotes.

If you go with a specialist provider for quotes then you will get access to some of the cheapest premiums to be found. Certainly by choosing to buy your cover independently as opposed to taking a policy alongside the borrowing you can save a great deal. Along with making savings you will be able to find the right policy to suit your circumstances. An ethical provider will give you the information needed, cutting out the technical jargon to make payment protection more transparent.

Getting a quote online is quick and easy. First you have to decide which type of protection insurance you need. If you have mortgage repayments to meet each month then consider taking out mortgage payment protection. Loan payment protection will safeguard any loan or credit card repayments, and income protection will cover your monthly income. Once you have chosen the policy you simply supply the amount you wish to cover each month and your age.

All protection policies provide you with unemployment cover in case you should be made redundant sometime in the future. For an extra fee they can also protect against you becoming unable to work if you should have an accident or suffer from an illness. The majority of policies would begin to payout a tax-free income from between day 30 to 90 of being continuously incapacitated. You would then continue to receive a payout for between 12 to 24 months.

Some homeowners think that the state would help with such outgoings as monthly mortgage repayments, but many could find themselves at risk of losing their home by relying on this state support. In order to qualify for state help you have to meet certain terms and conditions. For example, if you have savings of over £8,000 or have a partner in full-time work you would not be eligible to claim any help. Those who are fortunate enough to qualify would only get help with the interest part of their mortgage. Even then, if you have taken your mortgage after October 1995 you would have to wait nine months for any benefit to begin.

Getting behind on your mortgage repayments could in the worst case lead to you losing your home and would cause a great deal of anxiety during the time you were looking for work. Payment protection products that safeguard against the cost implications of unemployment are worthwhile considering, as long as your circumstances meet those defined by the provider.

There has been much confusion surrounding unemployment insurance products and faith in them has been lost since the Office of Fair Trading began investigating in 2005. It is worthwhile remembering that it is the poor selling techniques of high street banks and lenders and ignorance of what a policy can and cannot do that has caused the bad reputation of policies. A policy can fulfill its intended purpose when taken out correctly, sold by a professional standalone provider.

1. Don’t display
Never leave anything on display that might tempt a thief. Phones, sat nav, shopping bags – even an old coat…take them with you or lock them in the boot.
2. Immobilisers
A professionally fitted engine immobiliser prevents your car starting – widely regarded as the best way to stop thieves.
3. Parking
Always use and lock your garage at home if you have one. If not, always try to park in a well-lit, open place. Read More.

The basic difference between disaster insurance and property insurance is that disaster insurance is more specialized and covers your losses against immediate occurrences that have disrupted your business, while property insurance covers your property against any number of common property risks, including theft or damage from accidents.

That having been said, the trend of hybridizing everything from mutual funds to cars has also affected the insurance industry. There are now various packages that cover property from a wide range of threats and allow you to buy additional coverage for specific concerns such as flooding. Read More

The House voted Wednesday to extend health insurance coverage to people who lose their insurance when their marriages break up.

The bill would require insurance companies to let divorced spouses remain on the ex-spouse’s policies for up to three years or until one spouse remarries. Under existing state and federal laws, ex-spouses may buy extended coverage under those policies for three years after they divorce, but critics say the cost often is prohibitive.

Coverage under a federal law known as COBRA can cost several times more than the couple paid for health insurance.

Bow Democrat Stephen DeStefano said the measure would save families money while not costing employers more. Read More.

As coastal communities brace for another hurricane season, state officials are considering a $100 million enticement for insurance companies, while homeowners who suffered no damage from hurricanes Katrina and Rita struggle with higher premiums and canceled wind coverage.

At first, policies of homeowners in hurricane-ravaged areas along the coast were dropped, forcing them to the more costly Louisiana Citizens Property Corp., the state’s insurer of last resort.

Nelson Potier’s house south of La. 14 near Erath in Vermilion Parish escaped Rita’s wrath. Farm Bureau canceled his coverage anyway, forcing him to Citizens Property Insurance Corp. His homeowners policy went up from $1,100 a year to $2,900 a year, and he said his coverage is not as good.

That’s been the story with many coastal residents, especially south of La. 14 in Vermilion Parish, where many homes were flooded by Rita’s storm surge. Now, homeowners in unaffected areas like Lafayette are feeling the pinch, too.

Chasity Hooks has lived in the Saint Streets area of Lafayette near the Cajundome since 1996. Since 2005, she has paid Allstate to insure her home and two automobiles. Read More