November 23, 2017

Do you need Redundancy Protection Insurance?


There are very few average working people who can afford to live to their normal standard without the benefit of an income. The question more frequently being asked is how you would manage should your income be lost for whatever reason. For example, paying the mortgage and even the buying food!

There are fortunately, various alternatives available to you should you require redundancy protection insurance. Among them, is protection to cover your mortgage payment for between sic to twelve months in the event of an unexpected happening! Another option is unemployment insurance which should not be too costly and would provide cover in respect of a loss of income in respect of redundancy, or your mortgage payments.

When considering insurance plans of this type, you should be aware of those that seem very cheap. If they seem too good to be true, they usually are! Carry out your own research and spend time comparing the different companies, the cover they are offering related to the cost and what is in the small print. In certain instances you would be allowed to select an unemployment only coverage, which would provide protection against redundancy or other involuntary unemployment. The cover will be extended to give protection should you be forced to stop working, due to your having to become a full time carer for an immediate family member.

Redundancy protection insurance is not confined to cover only mortgage payments. It could also be utilised for your rental payments, utility and council tax accounts, or directed towards payment for the monthly food costs. A further option is that you are able to choose an accident and sickness policy, which would extend cover, should you be unable to work due to an accident or disabling illness.
Many working people decide that both of these options are worth investing in. However, be aware of not loading yourself with cover that is either duplicated, not needed or is already part of another policy that you have already. Therefore, choose the insurance provider carefully, by ensuring they have are established and with a proven claims history.

Redundancy protection insurance is available from Protection4me

About Denise