Mortgage and job loss – should they be insured?

Posted: August 18th, 2013 | Author: | Money

Modern times can be easily called unstable. Especially in terms of employment. People are afraid of losing their jobs, and rightly so, because unemployment is rising, and reductions in personnel are no longer something strange. Is it a good time to take on such commitments such as a mortgage that is hanging over us for a long time?

Eduardo Amorim / photo on flickr

Eduardo Amorim / photo on flickr

It’s hard to judge clearly. What is, however, undeniable fact, the situation in which no one can be sure that in six months or a year will work. Definitely a safeguard is needed against this possibility. They offer us the opportunity in the form of unemployment insurance, which in this case will assume payment of any amount of the loan installments. This should give us time to find a new job and continue to repay the debt.

Signing such insurance should be carefully read. Mainly we are interested in it when an insurer will pay for himself and what conditions we must meet. It is obvious that they can not quit working, but we can lose it due to a variety of events, so try to find out in which specific circumstances the insurer will support us and what does not. Insurance should be tailored to the real needs, otherwise it will be just an additional and unnecessary expense.

To obtain insurance does not need spending too much. In general, the formalities do not last long enough to have documentation from the employer, and sometimes also require registration as unemployed at the Labour Office, which works in light of health insurance. The question is whether such insurance is useful? Given the poor condition of the labor market should have some protection, it may be either policy or savings that will last for some time.


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