Cushion against job loss
LINCOLNSHIRE ECHO - 17TH JUNE 2002
Insurer Burgesses is offering a cushion against redundancy that offers policyholders tax-free benefits of up to £60,000.
The product redundancysafe, is not tied to mortgage payment protection insurance, as is the case with some unemployment cover, and anyone below retirement age may apply.
Premiums start at £2.50 for £100 of monthly benefits. To get the top £60,000 amount you would need to insure a monthly benefit of £2,500 for two years. That would cost £62.50 a month.
Burgesses says its premiums are a third less than those of its main competitors.
This is Money says: Pure redundancy cover may be a good idea for people in particularly insecure jobs. However, you will not be covered if you are unable to work through accident or sickness.
Although redundancysafe accepts anyone regardless of age or medical health, be sure to check you will receive benefits you would expect if you lose your job.
Rating (out of five): 3.
