Get your redundancy insurance quote from a specialist
- 26TH SEPTEMBER 2007
When it comes to safeguarding against the possibility that you might lose your income through being made involuntarily redundant it is essential that you understand whether or not a policy would be suitable for your needs. By shopping around and getting a redundancy insurance quote from several providers, you can not only check out the premiums, but the terms and conditions of cover too. This is because while redundancy insurance is an invaluable, you do have to watch out for the exclusions that exist in all policies.
Redundancy insurance is taken out by those in full time employment providing that your circumstances meet those outlined in a the cover then your policy would start to pay out after 30-90 days of being out of work and would give you a tax free income to ensure that you could still pay your essential outgoings. The policy would continue to provide you with a pay out each month for up to 12 months with the majority of policies although some providers offer policies that continue for 24 months.
Your redundancy insurance quote will vary depending on where you choose to go for it and the cheapest quotes tend to be found with a specialist standalone provider such as British Insurance as opposed to the high street lender. Simon Burgess, Managing Director of British Insurance warns consumers to be very wary of high street lenders to avoid the “rip-off” when it comes to protection insurance and to always read the small print and key facts in a policy before purchasing.
Exclusions that mean you might not be able to claim on a policy include only being in part time employment, suffering from a pre-existing medical condition, being retired and also many of the common reasons which keep people from work such as back problems and stress related illness. The cover and exclusions do vary among redundancy insurance policies, so it important that you check them out before you purchase.
To make sure that you understand these exclusions always read the small print after getting your redundancy insurance quote to ensure that you aren’t stuck with a policy you can’t claim on.
