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Understanding accident sickness and unemployment insurance

Understanding accident sickness and unemployment insurance

Finance
Many people take out a wide range of insurances including life cover and an array of medial and healthcare insurances. However, with the economy in its current state, now may be the time to consider additional levels of insurance, such as accident sickness and unemployment insurance. Why Take Out Accident Sickness and Unemployment Insurance? Accident sickness and unemployment insurance are designed to protect one from a fall in income, should one be subject to one of the three conditions which would prevent an individual from attending one’s normal occupation. Whilst in many countries, such as the UK the state will provide a comprehensive package of benefits if such unfortunate events arise. There is still the consideration that such benefits will not allow an individual to li...
How unemployment insurance works in the States

How unemployment insurance works in the States

Career
In the midst of staggering unemployment and poverty during the United States’ Great Depression arose a New Deal and new legislation aimed at bolstering a battered and torn economy. The Social Security Act of 1935 created a safety net for Americans who needed financial assistance for unemployment, disability, retirement, and other life situations where they may find themselves without an income through no fault of their own. In 1939, the Federal Unemployment Tax Act (FUTA) set the unemployment compensation-related provisions of the Social Security Act into motion, creating a joint state-federal program of unemployment insurance. According to the U.S. Department of Labor, FUTA authorizes the Internal Revenue Service (IRS) to collect a federal employer tax in order to fund state workfo...