Redundancy insurance protects against the unknown
- 29TH OCTOBER 2007
No one can say for certain that their job is secure though we all like to think that it is, while we can’t known what will happen in the future we can protect against the possibility that redundancy does happen. If you were made redundant unexpectedly then you would be left having to find the money to pay your essential outgoings such as your mortgage, loan and credit card repayments and general living expenses. Redundancy insurance can protect and give you an income each month while you get back on your feet again.
Payment protection is sometimes known as redundancy insurance and comes by way of a policy which you can take out for a premium each month which is based on the amount your wish to insure and your age at the time of taking out the cover. A standalone provider will offer you the cheapest premiums for the cover and will always make sure that you are given the vital information needed to ensure that a policy would be suitable for your circumstances. There are certain facts that can stop you from claiming and these consist of being in part time work, having an illness at the time of taking the policy, being of retirement age and only being in part time work. These are just the most common and you do have to check each policy you are considering.
British Insurance are one of the leading specialists in redundancy insurance and also one of the most ethical, they offer policies that can save you up to 80% when compared with high street lenders. Mortgage payment protection is a form of redundancy insurance which protects your monthly mortgage repayments, loan protection covers any loan or credit cards repayments and income protection cover a lost income up to a certain amount each month.
Policies taken with British Insurance start to provide a tax free income once you have been out of work for a period of 31 days and then continue for up to 12 months, but other providers ask that you are out of work for anything up to 90 days and could continue paying out for up to 24 months. Simon Burgess, Managing Director of British insurance, tells consumers to shop around for the cheapest premiums and to take the advice a specialist can offer and make sure that a policy would be suitable for your circumstances before buying.
