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Our Maker's Money
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Sickness
and Unemployment Insurance
by Ellise Walsh
The purpose of sickness and
unemployment insurance is to pay your monthly mortgage payments if you are ill
or temporarily unemployed. This type of insurance can help a critically ill
homeowner avoid losing his or her home in a crisis. The insurance is also good
to have if you are temporarily unemployed for whatever reason.
You can take out a sickness and unemployment insurance policy to cover a
percentage of your mortgage or the entire mortgage amount. Likewise, the
length of time will vary from policy to policy. Typical policies will pay the
mortgage for 30 days, 60 days or 90 days.
Sickness and unemployment insurance will begin paying upon the diagnosis of
certain specified serious illnesses. Every insurance policy is different, but
the typical sickness and unemployment insurance policy will cover the
homeowner in the event of a stroke, heart disease, kidney failure, cancer,
coronary bypass surgery, paralysis or an organ transplant.
In the event of a critical illness the insurance will pay out in one
tax-exempt lump sum. The maximum benefit ranges from $100,000 to $250,000 and
is generally paid within a month of the diagnosis.
Sickness and unemployment insurance is important for both single people and
married couples. A single person will want to consider this insurance to
prevent them from becoming a burden on their friends and family. Married
couples will need the insurance to prevent themselves from suffering a
financial catastrophe when one spouse is too ill to continue working.
It pays to shop around when shopping for sickness and unemployment insurance.
Buying a policy solely on price is typically a mistake, as you will need to
ensure that the company you buy from is financially solvent and will be there
when you need the money. It is also vital to know exactly what the policy
covers before taking out the insurance. By shopping around and comparing
policies, you will be able to find the best policy for your needs.
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