Involuntary Unemployment Insurance

Involuntary Unemployment Insurance (IUI) can deliver for homeowners in tough economic times. This is among the many reasons that financial institutions, and their borrowers, benefit from unemployment insurance. Lending organizations can encourage borrowers to take out unemployment insurance – this will ensure payments are made in the unfortunate event that the borrower loses their job.

Involuntary unemployment insurance makes monthly loan payments, on behalf of the borrower, during periods of involuntary unemployment. It can be used to cover credit card and other consumer debt, auto loans and other installment debt, or to assure payment of home mortgages.

If the borrower invests in unemployment insurance and loses their job, after the waiting period and vesting period, the insurer makes the monthly payment for them for up to six months. As a result, the organization providing the coverage is prevented from losing revenue and their customer is prevented from losing their home.

Give us a call today to learn more about the benefits of offering your borrowers involuntary unemployment insurance.