With no employment being secure, redundancy cover should be considered
- 27TH DECEMBER 2007
No one can say their job is secure and if you were to be made redundant then you would have to consider how you would continue to meet your loan repayments, mortgage repayments or to carry on paying your essential outgoings. However, the solution, redundancy cover, can be an expensive addition to an already over stretched budget unless you know your options and go with a standalone provider for the cover.
Redundancy cover can be taken out in the form of mortgage payment protection, loan protection and income protection insurance. All policies are taken out to safeguard against the possibility of losing your income through becoming unemployed by redundancy. Mortgage protection can give you the income each month to make sure that you would not be at risk of losing your home to repossession and loan protection can provide you with a tax free income to take care of your loan repayments each month. If you want to ensure your circumstances would not have to change and you had the money to continue paying essential outgoings then income protection could be a lifeline.
British Insurance is a standalone specialist in payment protection products, they only sell the cover so know the products they sell and can pass their experience onto the consumer along with savings. A mortgage protection policy would save you up to 40% and loan protection up to 80% and would start to payout once you had been out of work for at least 30 days. Cover continues with British Insurance for up to 12 months if it is needed but other providers might ask you wait up to 90 days but might extend to 24 months, so it is essential you check terms and conditions along with the exclusions and premiums.
Redundancy cover can protect against the unknown and when taken out with a specialist you can be sure of getting the cheapest quality cover along with the key facts of a policy
