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How Do I Choose the Best Unemployment Insurance?

Article Details
  • Written By: Autumn Rivers
  • Edited By: Angela B.
  • Last Modified Date: 02 July 2018
  • Copyright Protected:
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    Conjecture Corporation
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You may not be able to guarantee that you will have a job in the future, but purchasing unemployment insurance can help you make sure your bills get paid, regardless. Such insurance provides you with funds if you lose your job unexpectedly, with the amount of money available and length of time you receive it depending largely on your particular policy. This is why the first thing to consider when choosing the best unemployment insurance is the fine print in the policy, including the length of the benefits and how long you must wait before you can make a claim. You also should find out if there are any exclusions, because many insurance providers have a list of occurrences that will make your claim invalid. Additionally, you likely will want to consider the cost of the policy before you buy it.

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It may seem logical to browse unemployment insurance programs only when your position seems uncertain, but most providers will not accept claims made within a few months of a policy purchase. In most cases, the wait period is anywhere from 30 to 180 days, so you should look for a policy with an acceptable timeframe for claims before purchasing one. You also should think about how long you want the benefits to last should you ever need to make a claim. The options tend to range from a few months to two years, so you may want to consider how long it takes to find a new job in your field before you choose the best unemployment insurance for you.

Another detail to check out is the number of exclusions the provider has. Many policies will not cover you if you voluntarily leave your job, resign or are let go as a result of breaking the rules at work. In addition, you typically have to provide evidence that you are without a job when you make a claim, and you also may have to prove you are looking for a new job after you lose the old one. There may be additional exclusions that make a policy useless to you, so you should consider the fine print before you pick the best unemployment insurance.

One of the most important considerations for most people is the cost of the policy. While you want to ensure that you can pay your bills and perhaps have some leftover after losing your job, it is not usually wise to buy a policy that requires you to spend a large portion of your income right now. For that reason, finding the best unemployment insurance coverage usually involves obtaining price quotes from several companies so you can compare the cost of each premium. You often can get free quotes online to make finding the best unemployment insurance policy fast and easy.

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