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Redundancy Insurance

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What is redundancy insurance?

Also known as unemployment insurance, redundancy insurance is a policy that provides financial protection if you were to lose your job. In exchange for monthly premiums, this kind of policy will pay out, usually through a tax-free monthly income, should you be made redundant. It is often used to protect any mortgage or rent payments, or to protect your wages.

What kinds of redundancy insurance are available?

There are three types of redundancy insurance available:

Payment protection insurance (PPI) - This is designed to protect your income against loan repayments. It usually pays out a fixed amount for up to 12 or 24 months

Mortgage payment protection insurance (MPPI) - This kind of insurance policy can be taken out when you agree a mortgage with your lender. It can pay out for 12 months after your income stops

Short-term income protection insurance (STIP) - This kind of policy replaces a certain amount of your salary and will pay out over a specific period of time, usually 12 months or longer

You may be well aware of the news surrounding certain payment protection insurance policies, particularly those that have been sold in the past without the customer’s knowledge. If you believe you have been affected by this you have until the 29th August 2019 to raise a complaint - please visit the FCA website for more details.

What else should I know about redundancy insurance?

Every policy is different, but you can typically be expected to insure up to half (50%) of your monthly income. Should you wish to insure more then you will have to pay a higher monthly premium. A good place to start is to consider exactly what outgoings you wish to protect, such as mortgage or rent, bills, debts or loan repayments.

The circumstances of your dismissal can also affect whether or not a policy pays out. For example, if you are asked to leave the company due to misconduct, then your insurer may not pay out. If you work part-time, are on a temporary contract or are self-employed, you are less likely to be able to make a claim.

Be sure to read the terms and conditions of your policy carefully before signing up.

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If this is your first time taking out a redundancy insurance policy, make sure you get the expert help you deserve. Get in touch with our team today who will be happy to guide you in the right direction.

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