Many of us our concerned about job security these days, and some of us certainly have a reason to be concerned. According to statistics, the average person will be unemployed a couple of times during their working life, and the average span of unemployment is over  4 months long! According to US statistics, the leading cause of home foreclosure is the loss of income.

Plan For a Loss of Income with Private Unemployment Insurance.

Most of us plan to save, but months of hard earned deposits can be wiped out with one car repair or medical emergency. So when we enter a period of unemployment, we just don’t have a few months of income in the bank to back us up like we should. So instead of having time to find a decent job, we find ourselves out of time within days.

State unemployment benefits average less than $400 a week in most states, and that is just not enough to pay a mortgage, pay other bills, and also buy food for most families. These days, most salaried or hourly workers can benefit from private unemployment insurance, or layoff mortgage protection.

These programs actually pay cash, which may be better than traditional credit insurance. Traditional credit insurance only pays off the bill it was purchased for, or at least makes payments towards that bill. A cash benefit can be used in any way the consumers needs to, and by letting the consumer apply the money to the most urgent needs first, better choices get made, and the benefit becomes more useful!

A layoff protection program may also be more useful than traditional mortgage protection because a person is likely to become unemployed a few times before they actually pass away. And so they are more likely to lose their home and credit over an income loss than a death. 

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