Redundancy insurance can ease your finances
- 20TH NOVEMBER 2007
Those who have mortgage repayments to make each month or loan repayments and worry about how they would manage if they were to become unemployed by redundancy can ease their financial situation by taking out redundancy insurance, providing the cover is suitable for their needs.
Redundancy insurance can give an income each month after being out of work for a pre-defined period of time which can be between the 31st day and the 90th day of being continually out of work. In the case of ethical payment protection insurance specialist British Insurance, it would kick in from day 31 and then continue for up to 12 months. Along with offering you great savings on redundancy insurance, British Insurance makes sure that the consumer has access to the key facts in a policy and is aware that there are exclusions in a policy which could mean the cover would not be in their best interests.
Exclusions which are common in most redundancy insurance policies include only working part time, having an ongoing illness, being retired or self-employed although there can be others defined by the provider. You have to read the small print of a policy to ensure that your circumstances wouldn’t stop you from claiming and get as much information as you can about what the policy can and cannot do.
Going with a specialist is the only way to determine you get all the vital information on redundancy insurance for now; however in March 2008 it is hoped that the products will become clearer with the introduction of comparison tables. Tables will ask a series of questions which can help you to determine which type of policy would be most suitable for your needs, highlights the exclusions and also tells you how much the cover will cost, making the products more transparent should make ensuring the consumer gets the right policy, but for now take the advice that British Insurance offers before taking out your redundancy insurance.
