Redundancy insurance could provide a financial lifeline
- 28TH DECEMBER 2007
Redundancy insurance could give you a lifeline if you have loan or mortgage repayments to make each month or you wonder how you would continue to carry on meeting your essential outgoings if you were to become unemployed.
While we all like to think of our job being secure, the reality is we never know what is around the corner and unless we take some precautions we could be left struggling. If the mortgage repayments are not kept up with then your home is at risk of being repossessed, if loan repayments are not kept up to date then a bad credit rating will ensue if not worse. However if redundancy insurance is suitable for your needs then it could give a lifeline on which to fall.
You do have to check the small print as this is where you can find the exclusions, common ones are if you are retired, self-employed, only work part time or suffer an ongoing illness. There can be other exclusions which have been defined by the provider so always compare the small print along with the quotes. Having access to these is essential before you take out the cover but depending on where you choose to buy your redundancy insurance will depend on the amount of information you are given.
Payment protection specialist British Insurance will give the consumer all the information needed for them to be able to make an informed choice. Along with this they can save you up to 40% on mortgage insurance and 80% on loan payment insurance, redundancy cover can be taken out as mortgage payment protection, loan payment protection and income protection.
Redundancy insurance can give a financial lifeline and it can do the job it is designed to do providing you have made sure the product is suitable. There have been many problems with payment protection insurance but it is important to remember that it is not the products that are at fault but those who use poor selling techniques.
