Loans and mortgages – Lay off the unemployment insurance

.
Involuntary unemployment insurance is similar to credit disability insurance. It covers the minimum amount of your credit account payments for six to 12 months after you lose your job.

Coverage usually costs 70 cents for every $100 on the credit balance. But the policy only covers the minimum payment due, so interest adds up. You will probably wind up owing more money than you did when you had a job.

If you want peace of mind, your best bet is to put enough money for three to six months of living expenses into an emergency savings account.



All the best,



Timben