Buy your cheap redundancy insurance from a specialist payment protection provider
- 5TH SEPTEMBER 2007
Redundancy cover is taken to ensure that if you were to become unemployed through redundancy you would still have an income with which to pay the essential outgoings. Cheap redundancy insurance is part of a family of payment protection suites known as payment protection insurance where, for a monthly premium you can guard against the fact that you could lose your income through redundancy.
Providing that you ensure that a policy is suited to your circumstances then redundancy insurance would pay out a tax free sum of money after you had been out of work for 30 days or more and continue paying out for up to 12 months (with some providers, up to 24 months). But the key factor is making sure that a policy would be suitable for your needs. If you already have a pre-existing medical condition and you were to come out of work due to this then you wouldn’t be able to claim successfully on the policy, if you were self-employed or only work part time then a policy wouldn’t be suitable for your needs either. There are also many other conditions which you wouldn’t be able to claim for and some of these are the most common reasons why people come out of work.
If you want cheap cheap redundancy insurance then going with a specialist is essential, the high street lender will give little information regarding the policies they sell and as such you won’t know what you are buying. The little information that is given is often confusing and filled with technical jargon that the majority of consumers do not understand and this is one of the reasons why policies have been mis-sold.
In 2005 the Financial Services Authority began an investigation into the sector which led to many firm receiving fines for not making sure the consumer understood the product and the exclusions within it. Following this some changes were made to the way the protection is sold and more recently many firms have agreed to do away with the pre-ticked boxes that were used online when taking out loans.
Cheap redundancy insurance can be found and the best chances are with a specialist in payment protection policies such as British Insurance. Not only do British Insurance help you to make great savings on your policy but they also offer helpful advice and give you the key facts to ensure that you are able to decide on the policy’s suitability.
