Unemployment benefits or insurance exists to aid unemployed people meet their financial obligations, buy services and goods. Unemployment benefits are calculated based on what you earned. There are several advantages to unemployment insurance that are beneficial to a person who lost a job and his or her family.

Unemployment insurance is designed to protect the economy and keep people in their present lifestyle. It helps workers meet their daily needs and financial obligations. An unemployment benefit can be spent on whatever you choose. There are no rules as to where you should use the money. Unemployment insurance covers three main insurance products, which include income protection, payment protection and mortgage payment protection. In case a person becomes unemployed without his or her fault, unemployment benefits can help in the daily expenses for the whole family.

Unemployment benefits are tax-free, offers peace of mind during recession and uncertain times. You will be able to continue paying your bills even if you are presently out of job. Furthermore, with unemployment insurance, you can claim more than once on your policy. For instance, if you make a claim for a few months and returns to work and lose the job again, redundancy cover will pay out as long as the monthly premiums continue to be paid.

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