Redundancy Insurance

If you want to insure your income against the unfortunate possibility of unemployment, then redundancy insurance is what you’re looking for. In today’s job market no one’s position is safe: manufacturing jobs are becoming automated, once booming industries are downsizing by the thousands, and so forth; but with redundancy insurance you’ll receive a stipend each month if you lose your job in order to keep you afloat while you search for a new career.

The Different Types

There are several different redundancy insurance policies available, depending on the provider and desired level of protection. Mortgage insurance, for example, can be used to take care of your future mortgage payments. However, this can prove too costly, depending on the service provider. Standalone insurers can often save you money. These payment protection insurance (PPI) policies can cover a specific amount of your monthly mortgage payments and safeguard you against the risk of foreclosure in addition to helping pay off other debts. Another option is loan payment protection, which also protects you from the risks of unemployment while allowing you to service your credit card bills or debt repayments at each month’s end, and this helps to keep your credit score from dropping during tough times. The last type of PPI is income protection, which covers your outgoings in general. The coverage and cost differs between these three types of PPI policies and you should decide which would best suit your needs without costing you too much.

Redundancy insurance allows you to insure potential lost monthly income. It would allow you to keep your balance payments under control, and it’s also tax-free– all of which makes sure that you’re protected as you search for a new profession. This safeguard kicks in between 30 and 90 days of continual unemployment and, after it kicks in, you’ll receive your stipends for 12 to 24 months. But redundancy insurance doesn’t last forever, so it’s important that you use this time wisely.

Additional Resources:

• Payment protection insurance
• Loan Payment Protection Insurance Looks After Your Loan Commitment

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