Protect against unemployment with redundancy insurance from a specialist
- 2ND NOVEMBER 2007
The standalone specialist provider will always offer the cheapest premiums along with a quality product when it comes to protecting against unemployment with redundancy insurance. Redundancy insurance can give you an income if you come out of work due to unemployment by such as involuntary redundancy. Cover can be taken out to protect your mortgage, your loan or credit card repayments or your income in general against redundancy.
Cheap redundancy cover can be taken in many forms, such as mortgage payment protection insurance (MPPI) - this will ensure that you are able to continue meeting your mortgage repayments each and every month and so don’t worry about where you would find the money each and every month. Mortgage cover can make the difference between keeping the roof over your head and losing it to repossession if you cannot find the money each month to continue repaying your mortgage.
If you want to protect your essential outgoings so that you can continue living your lifestyle the way you are doing now then redundancy insurance can be your lifeline. Income protection can give you a replacement income which covers so much of your own each month up to a certain amount this means that you would have the money each month which eases the worry.
If you want to protect loan or credit card repayments each month so you don’t have to worry about getting behind on your loan repayments and so get into debt then loan payment protection could be the answer. The cover would give you enough money to cover your monthly loan repayments until you got back on your feet again and back to work.
All policies work in the same way in that you take out the redundancy cover for a premium each month which is determined by how much cover you want to take out and your age at the time of taking out the policy. Cover would then kick in and give you a tax free income once you had been out of work for a period of time which could be between the 31st and 90th day of being out of work and would then continue to give you an income for between 12 and 24 months, with the ethical British Insurance cover starts from the 31st day of being out of work and pays up to 12 months and offer some of the cheapest premiums.
However there are reasons why you might not be able to claim against a policy and these are set out in the small print of a policy and are called exclusions, some which are common to all policies include being in part time work, self-employed, suffering from a pre-existing medical condition at the time of taking out the policy or if you are only in part time work. There can be others and it is essential that you read these to determine the terms and conditions of the policy before taking it out.
The best place to buy redundancy insurance is with the standalone specialist, a specialist such as British Insurance will be able to help you make savings of up to 80% on loan payment protection and 40% on mortgage payment insurance.
