Is your job safe? Redundancy insurance could help
- 26TH SEPTEMBER 2007
If you were to lose your job and income through redundancy then it could leave you struggling when it comes to paying your essential outgoings. There is insurance that you can take out to specifically give you peace of mind that if you should become of work you would receive an income; redundancy insurance could help providing you meet the criteria of a policy.
Redundancy insurance is taken out for a fixed monthly premium and providing it suits your circumstances before you buy it, it could give you a tax free monthly income of you were to come out of work. You can cover against losing your income due to unemployment through redundancy as well as against losing your income through accident and sickness as well.
Once a redundancy insurance policy starts to pay out it will give you an income each month for up to 12 months and with some providers for up to 24 months. You do have to be careful when taking out a policy because there are many exclusions which could mean that you wouldn’t be able to claim successfully on your policy.
The best way to get the information needed to make an informed decision regarding the suitability of redundancy insurance is to shop around for the cover with specialist providers. Historically standalone providers are more ethical than the high street lenders and not only this but a payment protection specialist such as British Insurance can help you to make the best savings on your policy.
Knowing what exclusions there are in a redundancy cover policy is essential before you buy the policy because these are what will stop you from making a claim on the policy. However British Insurance do make their policies clear and easy to understand, some of the common exclusions in a policy include not being in full time work, self-employed, retired or having a pre-existing medical condition
