Redundancy cover protects your finances
- 19TH NOVEMBER 2007
Redundancy cover is a name that is given to payment protection policies such as income protection, mortgage payment protection and loan payment protection in case sometime in the future you should became unemployed by such as redundancy.
If you have mortgage repayments or loan repayments to make each month then you would still have to find the money to carry on paying them otherwise you risk getting into debt and arrears and as is the case with your mortgage, you could lose your home to repossession.
Mortgage payment protection when taken out as redundancy cover will give you the money each month so that you can continue making your mortgage repayments without the added stress of worrying about losing your home. Loan repayments can be safeguarded with loan payment protection to stop you getting behind and into debt and income protection gives you the money each month so that you can continue to pay your essential outgoings.
One of the UK’s leading specialists in redundancy cover is British Insurance. They offer quality mortgage payment protection, loan protection and income protection which would, providing it meets your circumstances begin to provide you with an income once you had been out of work for 31 days and then continues for up to 12 months.
Policies from British Insurance provide some of the cheapest premiums with a mortgage policy saving you around 40% and loan payment protection up to 80% when compared to the high street lenders quotes.
However there are exclusions in all types of redundancy cover that could mean you would not be eligible to make a claim. Some of the more common include if you only work in a part time job, you employ yourself, you are retired or suffer from a pre-existing medical condition at the time of taking on the cover and exclusions can also be dependant on providers so you do have to read the small print of a policy.
