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Redundancy Protection Should be Shopped Around For

Jun 28, 2008
While you never know if and when you might become unemployed by such as redundancy, there is at least something you can do to protect against it. You can consider three payment protection policies that would provide you with redundancy protection and an income. Mortgage, loan and income payment protection would all allow you cover up to so much each month and this is the sum you would be given once you had become unemployed.

Redundancy protection is not something that should be taken on lightly. You do have to shop around and get the information needed to be able to determine if cover is suitable for your needs. Specialists in payment protection will provide you with all that is needed to be sure of which type of redundancy cover would be the most suitable.

All forms of protection against redundancy work in the same way. You choose the cover most suitable, get a quote for the premium and then once you are unemployed for a period of time you would be able to make a claim. Some providers pay out on their policies from 30 days, with others it could be 90 days. Some providers backdate to the first day of you being unemployed. A policy could pay for a 12 month period; others might offer a policy for 24 months.

If you have the commitment of mortgage repayments then it is imperative that you keep these up each month. If you miss just one repayment then you are going to have your mortgage lender sending you a letter and you will have to make an appointment to see the lender. Hopefully your unemployment will be in the short term such as just a month. However in some cases it can take months to find a suitable job and get back to earning a living. Your mortgage lender will not want to wait several months for you to get back to work and during this time you are facing having your home repossessed. You would not want to be struggling to repay the mortgage and ducking and diving bills. With mortgage payment protection you would not have to, as you would have the income to be able to continue meeting your repayments as you did when you were working.

If you are concerned about how you would manage to pay any loan commitments or even credit card outgoings then you could consider loan payment protection. You would be able to take out a policy for the amount that your loan repayments were each month. Then if you became unemployed you would have this money to fall back on. Getting into debt can cause many problems; one of the least that could befall you is seeing a bad mark against your credit file. As your credit file is taken into account by all lenders when applying for a policy you might find it hard to get approval for a loan. In some cases you might even have to go for a bad credit loan and these come with high interest rates. In the worst case creditors might take you to court to get back what you owe through your possessions.

Finally redundancy protection can be taken to cover your income with income payment protection. This policy would provide you with the money needed to be able to continue paying all of your essential outgoings. This would include your mortgage, loan and credit card repayments along with your monthly outgoings needed to keep the household running.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of redundancy protection.
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