Falling prey to situations such as unemployment may have scared you ever since the last recession struck in the year 2009. Its after effects were quite devastating and not a single soul was left untouched by its implications. Economic crisis had serious implications on the business class as well as the salaried class. Some have witnessed massive lay offs and have found it difficult to eke out a living until they found a new job.

It basically covers you in times of:

Accident 
Sickness 
Unemployment

Your policy will compensate you for:

Income 
Helps pay off your mortgage payments 
Helps pay off your store card bills 
Pays off your credit card bills

Accident, sickness and unemployment may ruin your financial status. You may find it difficult to handle your monthly expenses. By understanding the benefits of an adequate insurance coverage, you will soon realize how important is an insurance coverage. If you suffer from an illness, accident or unemployment you will be rightly compensated. You can decide what amount you want to get insured for. Be rest assured that this portion of income will be paid out to you by the insurance company in case you were to be made redundant, fall sick, meet with an accident or face any other eventuality.

If you wait for long before you actually make a claim, then your premiums to be paid is low. If you want a shorter waiting period, then your premiums to be paid is high. Consult your policy advisor and see which cover suits you the best.