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Redundancy protection insurance, sometimes also referred to as unemployment cover, sickness redundancy insurance, accident, sickness and unemployment is something all employees should consider taking advice on. Initially, one way of finding out information on what redundancy insurance cover actually is and if you would benefit from it is to search the internet. To do this one of the derivatives that you could type into a search engine is sickness redundancy insurance or accident, sickness and unemployment. By doing this you will be provided with the most appropriate sites dealing with sickness redundancy insurance.
Redundancy insurance cover will provide a level of income in the event that you should be made redundant. Therefore, any employee should consider how they would meet their financial commitments if they no longer had their salary every month. Redundancy protection insurance could give you that peace of mind that you will still be able to meet your monthly payments, such as mortgage, bills etc if you were to suddenly find yourself unemployed. At the end of the day none of us have a crystal ball. We never know when the business needs of the company that employ us may change or the company may even fail.
Some employees may already have other strategies set in place to protect against redundancy, most likely in the form of savings. Also, if you have been an employee with the company for two years or more then you may be entitled to redundancy pay. The amount you receive will be dependent on your age and length of service you have given the company. However, should your employer offer you suitable alternative work and you decline you will not qualify for the redundancy pay. Additionally, you will have no idea how long you may be out of employment and still needing to meet your financial commitments.
Redundancy protection insurance will normally only pay out for a set period of time and the maximum for most companies is two years. Though it is not an indefinite length of cover, redundancy insurance cover will still take away the feeling of panic if you were made redundant. Also, if you have been with the employer for less than two years you have next to no legal protection. Therefore, redundancy insurance cover is a safety net to help you meet your financial commitments in the event of being made redundant.
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