Choosing the right redundancy insurance policy need not be a chore
- 29TH JULY 2007
If financial terms and conditions baffle consumers then they would be forgiven for thinking that the right redundancy insurance policy may take a lot of time and effort to find. Many high street banks and lenders have purposely left many of the terms and conditions open to interpretation in the past in order to gain profit.
However, as a result of the Financial Services Authority investigations into the mis-selling of policies, including redundancy insurance policy provisions, the path may actually be clearer for the individual to choose the right one now.
As a part of their investigations into the payment protection insurance (PPI) industry, the Financial Services Authority have vowed to make terms and conditions of the various policies, including those of the redundancy insurance policy, more easily understood. Many of the mis-sold policies were sold because the individual had no idea what they were actually taking out. They only knew what the high street bank or lender told them, which was often in essence not enough.
The FSA has set up a website to help consumers learn about payment protection insurance policies, including the redundancy insurance policy to help consumers choose the right one for them. As a result, the right redundancy insurance policy may not actually be as much of a chore to find.
Some payment protection providers, like the ethical British Insurance, offer a comprehensive customer service support to ensure that all guidelines and terms of a redundancy insurance policy are fully understood before purchase. They are able to answer any queries and questions in advance, thus enabling consumers to choose what is right for them with a clear head!
