The redundancy insurance policy is a good option to guard against the possibility that you may find yourself in a position that you are not able to work because of being cut off. The cover is only designed to guard against voluntary redundancy however, you may also get additional coverage to safeguard your income from being laid off because of illness, accident or unemployment.
Redundancy protection is available as insurance for mortgage payments, protection from income or loan protection business insurance . It can provide peace of mind and protection by offering you income that is tax-free that will enable you to meet your necessary expenses.
Insurance for mortgage payment (MPPI) can provide you with an income that is tax-free in order to allow you to continue to pay your mortgage payments each month that even if you were not working. This means you will not fall behind on mortgage repayments and run the risk of the repossession of your home.
If you are required to make loan repayments to be paid each month, loan payment insurance will provide you the funds to continue meeting your loan payments. In addition the income protection insurance will provide you with a replacement income of up to a pre-agreed amount every month, which allows you to pay for the essential expenses while living the way you want to.
All redundancy policies begin with payouts after you have been unemployed for a specific duration of time. This could vary between the 31st day and the 90th day after being absent from work continuously. When the policy kicks in, into action, it will provide you with the income you earned for up to 12 months or with certain providers, up to 24 months.
There are some exclusions in the policies for redundancy insurance that could make you not eligible to claim. Some of the most common exclusions are those that only apply to part-time employment when you retire or have an existing medical condition prior to the time you take out the policy.
Choose a standalone company to cover your redundancy needs as not only will the expert will save you money , but they will also ensure that you receive the correct information and the essential facts you require to make sure that the policy you choose is appropriate to your needs.