Depending on where you purchase it from, unemployment cover could be considered nothing but a big rip off especially if you purchase it alongside your loan or mortgage from the high street lender. The cover when sold alongside a loan or mortgage is the dearest way of taking what could be an essential and lifesaving protection in case you should lose your income due to an accident, sickness or unemployment.

Unemployment cover can be taken to ensure that you would have enough money each month to meet the essential outgoings such as your mortgage repayments, loan repayments or other outgoings usually after you have been out of work for 30 days or more and will continue for up to 12 months and in some cases for up to 24 months.

However all unemployment cover policies have exclusions and while it can be a valuable safety net, when not purchased correctly it can be a waste of money. If you buy it from the high street lender then it can cost you hundreds of pounds more that it would had you gone with a standalone provider. A standalone provider can not only save you a lot of money but they will also be able to give you the advice needed when it comes to the exclusions. Some of the most common exclusions include being self-employed, retired, suffering from a pre-existing medical condition.

Unemployment cover when taken out as mortgage payment protection will safeguard your mortgage and ensure that you are able to keep the roof over your head and don't risk losing your home to repossession. If you want to safeguard your loan repayments every month then loan payment protection will give you enough money to repay your loan repayments and income protection will replace a lost income up to a certain amount each month.