Home » Finance

Could You Benefit From Redundancy Insurance?

Sep 15, 2008
Anyone that is working on a full time basis and who has mortgage, loan or general outgoings to pay could benefit from taking out redundancy insurance. Policies can be taken to cover mortgage repayments with mortgage payment protection, loans with loan payment protection and income with income payment protection.

If you need peace of mind that you would have the much needed money to be able to continue meeting loan, mortgage and all other essential outgoings then consider taking out income payment protection insurance. With this policy you would be able to insure up to a certain amount of your own income each month and then have no worries if you are made unemployed.

You would not have to worry about the mortgage lender sending out letters warning that you are in arrears and risk losing your home if the lender takes you to court to seek repossession. You would also not have to scrimp and scrape to continue paying the mortgage by missing other bills or juggling them around. You would also not have the added stress and anxiety that this would cause and which would hinder your job search.

You would also be able to continue paying as normal any other outgoings each month. If you have loan repayments to keep up with or credit card bills then you would not have the worry of keeping up with these. Your policy would provide the money so that you can repay these and not worry about the lender taking you to court or in the case of having secured the loan on your home of the lender choosing to repossess.

All other bills such as heating, lighting and food bills would also be able to be maintained as would any other bills that kept the home running smoothly each month. You would be able to relax with peace of mind that you would not be stressed financially and concentrate on finding suitable work again.

Redundancy insurance with standalone payment protection providers begins to pay after a deferment period and then pays out for so long. Usually providers ask between 30/90 days before claiming and then payout for between 12/24 months with one payment each month. After this period of time the policy would just cease paying out.

Income protection taken out as redundancy insurance is just one form of protection. If you do not want to cover your income in general then you could also look at the other options for unemployment cover. Mortgage payment protection is an excellent choice for those who just want peace of mind that their mortgage repayments would be covered each month.

You are able to take out protection solely for redundancy, or you can choose to take out incapacity by such as illness or accident only. You are also able to take out protection to safeguard against the possibility of accident sickness and unemployment together if this would be more suitable. If loan repayments or credit card outgoings are your main worry then look into taking out loan payment protection to cover unemployment. This would just cover those repayments and you just need to insure the total amount of your repayments, up to the limit set by the provider.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of redundancy insurance.
Rating:
Please Rate:
(Average: Not rated)
Views: 189
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources