Welcome to Theredundancyinsurance
If you want to stay clear of the redundancy insurance
market schemes, you need to widen your knowledge base regarding insurance policy coverage and quotes. Understanding the products that insurance companies try to sell you will keep you on guard and serve you against redundancy.
Redundancy coverage is available as mortgage payment protection, loan payment protection and income protection. Each of these policies functions by providing you with a constant flow of income after you have spent a preset duration as unemployed. The common duration of this period ranges between 31 and 90 days. You do not need to worry about immediate and extreme life style changes if you lose or quit your job, at lease for a period of 12-24 months if you havethe redundancy insurance coverage.
As good as it sounds, you still need to look deep into the terms and conditions of the policy as provided in the contract before signing it as there may be hidden ‘exclusions’ which can, on a future date, render you ineligible for claiming the insured amount.
The redundancy insurance
policy norms vary between products and from carrier to carrier. Exclusions too, thus vary. You must be assured that none of the clauses contradict with each other and that they do not hold the possibility of rendering your contract invalid an cut you out of your rightful amount. Some exclusion clauses revolve around factors like age, part time employment, last employer, retirement terms, self-employment and medical history.
Mortgage repayment protection is a policy which helps you to smoothly continue with your monthly mortgage payments even if you are out of a regular source of income. It protects you from running into arrears and losing invaluable items to banks or financial institutions due to payment inabilities.
Loan payment protection policies similarly provide you with sufficient cash each month to meet your loan or credit card repayment terms without fail. This not only safeguards your credibility with the loaner but also saves you added mental burdens.
The income protection policy aims to assist you in maintaining your current lifestyle by supplying you with a steady inflow of cash as per policy terms. The amount is generally a replacement amount and helps you to meet your general requirements. If you are one of those who keep shifting jobs, income protection policy can be your best mate when you are cutting yourself a slack and looking for brighter opportunities.
The redundancy insurance
is most suitable for slack periods and can be applied for after its occurrence. Commonly people purchase the redundancy insurance at the time of taking out loans, with or without mortgages.