If You Want The Safety Net That Redundancy Insurance Can Give Then Make Sure You Understand It
If you want to take out insurance against being made redundant then you have to understand the product and what it is capable of doing. Redundancy cover can give you an income to make sure that you can continue servicing your loan and mortgage repayments along with covering your essential outgoings, but it is imperative that you do understand the terms and conditions in a policy before buying.
Redundancy cover can be taken out as mortgage payment protection, income protection and loan payment protection and it can give great peace of mind. All policies will start to pay you after you have been out of work for a pre-defined time. This is generally between 31 days and 90 days after the event and would then continue to give you a tax free income for up to 12-24 months, depending on the policy terms and conditions.
It is imperative that you read the small print of any policy that you are taking out as this is where you will find the exclusions. Exclusions are the reasons which can stop you from making a claim and which mean that you would be ineligible for the...
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