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Redundancy Insurance Protects Your Outgoings

Jun 2, 2008
Losing your job and income after being made redundant would be hard, struggling to pay your outgoings would be even harder. You would need to find the money to pay your mortgage. If you had credit cards or loans then you would also need to maintain these and of course there are many other outgoings which have to be maintained also. You would be able to continue meeting your bills and continue paying out if you take redundancy insurance.

You have to look around online and compare the cost of redundancy insurance as some premiums are a lot higher than others. You also have to compare the quality of the policy as this can differ too along with when and for how long the policy would payout. You can find all the information in the key facts of the particular policy and this should be available on the provider's website. You can also find a wide variety of information with the provider by way of FAQs and articles, and you should find as much as possible about the product you are considering buying before taking it out. Policies will come with exclusions and some will have more than others and you have to check them against your personal circumstances if you want the peace of mind and security that protection gives.

Providers usually offer payout on cover for between 12 and 24 months and you are asked to wait for between 30 and 90 days before putting in a claim after becoming unemployed. Upon commencement of the policy some providers will backdate their insurance to the first day of being unemployed. You can find out the exact terms in the small print or key facts of the cover before buying and this is something that should be compared along with the cost.

The cost of redundancy insurance will depend on your age at the time of applying for your policy and how much you wish to insure each month. All lenders will only allow you to cover up to a certain amount of your outgoings each month so when comparing the cost of the premiums also compare the terms of the cover.

Unemployment insurance to protect against redundancy can be taken out to safeguard your loan and credit card repayments if you choose to take out loan payment protection. This would give you an income that is tax-free to ensure that you are able to maintain your outgoings and so not get into debt. It will protect your credit rating and also ensure that you will not get a CCJ.

Mortgage payment protection taken as unemployment insurance would allow you to maintain your mortgage each month and so you are not at risk of losing your home. You would not have to worry about the lender threatening repossession.

If you safeguard your income on the whole with income payment protection insurance taken out as redundancy insurance, you would be able to continue meeting all your outgoings in general. This would include loan and mortgage repayments along with the smaller outgoings which means you wouldn't have to change your lifestyle drastically.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of redundancy insurance.
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