General insurance Learn more on unemployment insurance

[Lens1000]

The hassle in the world today could be so demanding. The security of your job is not guaranteed and this will give rise to panic and unforeseen circumstances. As a result, employment insurance policy is the only way out, because it covers your pay when you have been lay-off due to reorganisation, merging of companies etc. Always have it at the back of your mind that this situation will come knocking and it shouldn't be an impromptu.

Preparation For the unforeseen situation will help you absorb shock when there are throngs of lay-offs , retrenchment during company's reorganisation. This type of insurance become necessary because it allows to continuously pay your bills when you have lost your job because your salary will be paid continually.

Before applying for this type of insurance, you will need to check the ratings of the insurance company before delving into it.

How do you see this?

 

[Wisdom01]

The only problem would be devaluation because most currency usually devalue due to inflation and others , so if the insurance company keeps paying the workers salary at a fixed rate , and if inflation Happens it might not indirectly benefit the person who insured against such policy , even if he had lost his job

 

[Richee84]

It is a very good insurance program that all countries government including the private sector should practice. This kind of policy will keep an unemployed person going untill he or she is able to find another work. Though what they might pay him/her might losses value due to inflation but the person will still be certain of some income at the end of the month coming in for him.

 

[btaliat]

I wish all insurance companies embrace this type of insurance policy. It will reduce the rate at which some people become redundant after being laid off at work for one reason or the other. The only problem is that if the person has not paid more premium before the sack, he many not really be compensated heavily.

 

[Jamoflondon]

Is there really an insurance plan whereby the insurer covers the insured even when he or she is lacking a job or being jobless. I really like this and I love your explanation on this. I really do not know there was any insurance policy for this but I appreciate your time to pass this information

 

[Alexandoy]

I have not heard of this kind of insurance in our country. If there is one then that would be bankrupt by now. When a worker gets insured and he loses his job then the insurance company would have to pay the amount specified in the insurance policy. With the pandemic era there are millions who lost their jobs here.

 

[Mandy96]

Unemployment insurance should not be something to consider except you think you might get fired at your workplace in the future, at the same time. Having an unemployment insurance could make the client start to misbehave at his or her workplace because he or she will start thinking that there is a compensation waiting even if the company goes bankrupt

 

[kayode10]

This can be a welcoming development. While I was reading your post, the question came over to my mind. Can someone who has already engaged in pension steam also apply for this. I think it will be too much on the salary because they are going to be paying for the pension plan and premium simultaneously from the same salary.

 

[Lens1000]

The only problem would be devaluation because most currency usually devalue due to inflation and others , so if the insurance company keeps paying the workers salary at a fixed rate , and if inflation Happens it might not indirectly benefit the person who insured against such policy , even if he had lost his job

You are absolutely right. I think that's an angle the insurance policy coverage needs to address. More so, your point isn't peculiar to this form of insurance, it's should cut across all the insurance policies. Inflation could render your benefits useless and I think the insurance companies should follow the trend and evaluate benefits with the current inflation rate.

 

[Lens1000]

It is a very good insurance program that all countries government including the private sector should practice. This kind of policy will keep an unemployed person going untill he or she is able to find another work. Though what they might pay him/her might losses value due to inflation but the person will still be certain of some income at the end of the month coming in for him.

Even if inflation affects the pay , it's still better than earning nothing. If the government and institutions could integrate unemployment insurance policy into their system, it will go a long way to solving the current unemployment rate. It will also curb crime rates because you are sure of steady income even if you are laid off. It's one of the best insurance policies.

 

[Wisdom01]

You are absolutely right. I think that's an angle the insurance policy coverage needs to address. More so, your point isn't peculiar to this form of insurance, it's should cut across all the insurance policies. Inflation could render your benefits useless and I think the insurance companies should follow the trend and evaluate benefits with the current inflation rate.

Yeah they should follow the trend as it is very important , most people can't keep receiving same salary from the insurance company , when the value of products and services have all increased ,if they could move and calculate the trend regarding inflation I would be pleased to buy the insurance policy