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The insurance that helps you get unemployed

Check out how to safeguard you against financial problems at unemployment.

The insurance that helps you get unemployed

Unemployment rises, increasing the risk that you may also be affected. The financial consequences of unemployment can be great if you have a lot of debt.

The solution can be to insure against any problems.

The insurance on the market today is products that can make sure that you have the funds to pay the bills if you are unlucky to lose your job, “says Elisabeth Realfsen, Managing Director of the Financial Portal..

The downside of the assurances is that you can not draw them when you receive information that you may be unemployed. Then it’s too late.

There must be no plans for staffing at the time of purchase of the insurance, and it must be at least 90 days from the insurance until you can receive payments from it.

Two types of insurance

There are two possibilities in the market.

One is a clean unemployment insurance, which gives you payouts if you get unemployed.

The second option is payment insurance, which assumes you have a mortgage, but where payments are not linked to a particular purpose.

At Sparebank 1, they use the terms in a different way. There is unemployment insurance linked to the mortgage, while the payment insurance can be drawn independently (but requires membership of LOfavør).

Click. no has conducted a survey among the largest financial companies about what offers they have in terms of unemployment insurance (and serious illness) 1.

Mutual:

  • Insurance Type: Unemployment
  • Coverage: 4000, – / 7000, – / 10,000, – / 13,510, – per month.
  • Premium: 77, – / 130, / 184, – / 241, –
  • Requires Mortgages: No
  • Cure period: 180 days
  • Limitations: Only for NITO and TEKNA members. There must be no plans for staffing by drawing.

Savings Bank 1:

  • Insurance Type: Unemployment / Payment Insurance2
  • Coverage: From around 6000, – to 13,000, – per month
  • Premium: From around 200, – to 390, – depending on income
  • Requires mortgages: Yes (or med. in the LO federation)
  • Career period: 90 days
  • Limitations: There are no plans for redevelopment by drawing

Nordea:

  • Insurance Type: Payment Insurance
  • Coverage: 5,000, – / 7500, – / 10,000, – per month.
  • Premium: 225; – / 338, – / 450, –
  • Requires Mortgages: Yes
  • Career period: 90 days
  • Limitations: No plans for redevelopment by drawing.

DnB:

  • Insurance Type: Payment Insurance
  • Coverage: Up to 3% of outstanding loan balance. Distributed over 12 months.
  • Premium: 0.4% of outstanding balance
  • Requires Mortgages: Yes
  • Career period: 90 days
  • Limitations: No plans for redevelopment by drawing.

1 Neither Storebrand, If, Tryg or Danske Bank offers insurance policies aimed at unemployment.

2 Payment insurance assumes membership of LO federation, but not mortgage in Sparebank 1, while unemployment insurance assumes mortgage loans in Sparebank 1.

Limitations

Both types of insurance have clear restrictions on when you can draw them. Among other things, the insurances must be purchased at least 90 days before you become unemployed, and at the time of the drawing you also can not have concrete knowledge that there will be redundancies or redundancies.

– However, often those who really need to insure themselves will not be able to get paid because if you have been aware that you can soon be released, it may already be too late to insure, emphasizes Realfsen.

She adds that you can lose your payout if you have agreed to quit volunteering, for example, by accepting a final package.

Therefore, read the terms carefully and ask and dig if they are unpresent. However, if you think you will not be terminated or suspended within the 90 day period, you will not be offered a final package if you would be unemployed at a later date and do not have any margins to go into the household economy, you can consider purchasing such a product.

Unemployment Insurance

This type of insurance is offered by only one player in our overview, and it is Gjensidige. The limitation, however, is that you must be a member of either NITO or Tekna.

In an email to click. no, information manager Bjarne Aani Rysstad explains why the offer is so limited: “The product was created on the basis of a special wish from Tekna, and later also from NITO”.

He further emphasizes that demand for this product varies with developments in the labor market, which is also reflected in the geographical distribution of sales. 25 per cent of the insurances are sold in Rogaland, while 16 per cent of the purchases are made by Oslo citizens. Sør-Trøndelag has the highest insurance coverage, with 8 per cent.

Communications director at Sparebanken 1, Christian Brosstad, says that sales of this type of insurance have increased during January, and 60 per cent of purchases are made online.

– Most insurance is sold in Rogaland and Møre and Romsdal, he adds.

The insurance that helps you get unemployed

Some keystrokes can save you thousands of thousands

The insurance that helps you get unemployed

Therefore, borrow more than you need

The insurance that helps you get unemployed

– This insurance is not required

Payment Insurance

This type of insurance is directly linked to the mortgage, and therefore it is also offered to borrowers.

– This is an insurance that borrowers can even evaluate if they want to draw, but sometimes our counselors will also make individual reviews and offer this assurance to customers who they think have a tight economy and who may be able to get payment issues unemployment or serious illness, says senior communications adviser at Nordea, Synne Ekrem.

The alternative to such insurance may be requesting deduction.

– But it is not always deductible, and sometimes there is already a deduction when the economy tightens further, Ekrem expands.

The amount paid is not earmarked for the home loan. It can be used for the purposes the customer chooses.

Other Options

With costs from scarce dog peg and upwards, and requiring drawing to be done before you know that there may be downsizing (and possibly unemployment), the insurance premiums may be money out of the window. Because there are other options to ease the debt burden on unemployment.

– You should think about your overall budget, and wonder, among other things, whether you can manage yourself for a period of NAV payments. It is also possible to request payment from the bank.

The daily allowance from the National Insurance Scheme accounts for approximately 62.4 per cent of pre-tax income. Income over 6G is not included in the basis of unemployment benefits.

In this connection, you should be aware that payments from any insurance policies are taxed as income.

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