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| Provide yourself with a tax free income against losing your income through illness, injury or disability. |
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Mortgage Payment Protection Insurance Redundancy Insurance
Unemployment Insurance |
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| We are one of the leading internet brokers which specializes in Life Insurance protection. |
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| Pays a lump sum on diagnosis of a critical illness normally from a wide range including heart attack, cancer & stroke. |
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Redundancy Insurance Policies - Income Protection Redundancy - Redundancy Protection Policy |
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Redundancy insurance policies in todays economic climate may be considered a good investment. With the UK having entered a recession last year unemployment was reported to have risen by 349,500 in 2008. Further more economists are predicting that this is set to continue to rise to between 600,000 and 1.2 million in 2009. Therefore, have you a contingency plan set in place should you suddenly find yourself unemployed with possibly a family to support. In certain situations having a redundancy protection policy in place would provide you with a safety net to protect against probable redundancy.
Redundancy insurance policies can be based on either your mortgage or income. In the case of a mortgage based redundancy protection policy the plan is designed to cover your mortgage payments and associated costs. However, with the mortgage related redundancy protection policy the overall benefit must not exceed 65% of your gross earnings as this is the maximum amount of cover that most insurers, offering redundancy insurance policies, will allow you to protect. In the case of income protection redundancy plans the cover amount is generally based upon your gross income. Therefore, with a income protection redundancy quote your loans, mortgage and/or related costs are not taken into consideration by the insurer but your earnings. Typically, with an income protection redundancy you are able to protect up to 65% of your gross earnings.
In respect of the different redundancy plans you will be expected, in the case of a claim, to provide proof of; mortgage payments in the case of a mortgage related plan and earnings for an income based plan. It is so important to ensure that all information given at the time of purchasing your redundancy insurance policy is correct and that you can provide the evidence. If you have to make a claim the insurance companies will endeavour to find any opportunity not to pay out. At the end of the day, like any business/company, they are out to make a profit; do not let it be at your expense. Therefore, ensure that the redundancy protection policy that you purchase will do everything it says, that it will provide you with the protection you need. Carefully read the plan for any loopholes and hurdles that you may have to clear and most importantly disclose all information open and honestly. |
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