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| Provide yourself with a tax free income against losing your income through illness, injury or disability. |
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Mortgage Payment Protection Insurance Redundancy Insurance
Unemployment Insurance |
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| We are one of the leading internet brokers which specializes in Life Insurance protection. |
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| Pays a lump sum on diagnosis of a critical illness normally from a wide range including heart attack, cancer & stroke. |
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Redundancy Insurance Cover - Redundancy Insurance Policy - Redundancy Protection Cover |
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Redundancy insurance cover is a form of redundancy protection that is provided by various insurers that will pay you a regular income should you be made unemployed. In today’s economy, with rising unemployment, to have a redundancy insurance policy in place would provide you with the peace of mind that you will be able meet your financial commitments if your were to be made redundant. Redundancy protection cover provides a tax free income normally on a monthly basis which will enable you to pay your monthly bills.
A redundancy insurance policy can vary depending upon the insurer providing the redundancy insurance cover. Therefore, it is advisable to check the redundancy insurance policy key facts and terms and conditions carefully before finally committing to purchasing the redundancy protection cover. At the end of the day you do not want to be paying out a monthly premium to protect yourself in the event of being made redundant to only discover the redundancy insurance policy does not meet your needs. It may then be argued that you could have banked that monthly premium and possibly been better off.
There are some general rules surrounding redundancy protection cover that the majority of insurers will normally follow:
- Cover amount – this is normally 50% - 65% of your gross earnings up to a maximum benefit of £1,000 a month. Generally, redundancy insurance cover is either income or mortgage based. The latter is the most common and will provide a monthly income that covers your mortgage and related costs.
- Claiming – should you make a successful claim then you will only receive benefits for 12 months. During this time you have to be registered at a job centre and actively seeking employment
- Exclusion period – a certain period of time has to elapse from the start of the redundancy insurance cover to being able to make a claim. Typically this is normally about 3 months. In addition to this you have to have been in continuous employment for a minimum 6 months, prior to being made redundant, for a valid claim.
- Deferred period – with most redundancy insurance policies there will be a waiting period before you can start to receive the benefit. Most commonly is 30 days back to day 1.
- Redundancy – a claim will not be valid if you have taken voluntary redundancy, resigned or been dismissed from your employment.
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