In the event of unemployment you will be paid a monthly income of up to 150% or £2000pm maximum. Usually cover would start somewhere between days 30 and 90 of unemployment and some providers backdate the policy to the first day of unemployment. To avoid getting into any kind of mortgage arrears protect your mortgage payments by getting a redundancy insurance. In case of any loss of job, illness or accident you will be protected by your insurance cover. Your redundancy Insurance will compensate for your loss of income and make your credit card payments, loan payments, rental payment and any other payments. You will be covered for mortgage payment, accident or sickness, income protection, payment protection etc.
Some insurance providers will have an initial exclusion period. This means you will not receive any redundancy benefit for this period. This can be for thirty days or 90 days of unemployment. Accident, sickness or redundancy you will be saved the trouble of making payments on your credit cards, loans or other kinds of payments. Unemployment insurance will also save you from any kind of embarrassment such as court proceedings, eviction cases or any such situations in future. You can also protect your collateral from being repossessed. Protect your income and make timely loan payments with an adequate insurance cover for redundancy.
Income protection will assure your monthly commitments are met and your family is well protected. Some insurance cover offers protection for up to 12 months while others cover you for life time if you are handicapped and unable to resume back to work. If you are out of work through illness or disability you can select two years or until retirement age payout periods. Therefore with an adequate insurance protection you are guaranteed a proper income flow to meet your living expenses and also will be assured of your life insurance payments, mortgage payments and other house hold bills.
Just a few pounds of investment in your insurance can assure you of income protection during redundancy. Find out about your insurance terms and conditions before you decide to choose one.
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