There are other providers of Payment Protection Insurance [Short-Term Income Protection] and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at .
If you are in full-time employment or self-employment in London you should consider the benefits of a Redundancy Insurance plan. We are all vulnerable to the potential of involuntary redundancy and having 'a job for life' is no more. For your own peace of mind consider how to minimise the possible financial impact of such an important event.
How can you protect yourself against involuntary unemployment?
Well, you can buy peace of mind when you take out an unemployment protection plan. Part of the payment protection insurance - PPI - family, redundancy cover provides a tax-free monthly amount that can be used to help you manage financially in the event of involuntary unemployment.
Once you are made involuntarily unemployed, the policy will begin to pay out after a set period of time, and whilst this can vary among different providers it is typically from 30 to 90 days after redundancy.
What income level can you expect?
A typical Redundancy Insurance plan will allow you to insure up to 50% of your monthly gross earned income, or up to £1,500 - whichever amount is the lesser, and when you compare this to whatever you may receive from the State, (not everyone is eligible for financial assistance from the Government if they are made unemployed), you'll appreciate how valuable this type of cover can be.
How long will the cover pay out for?
This varies from provider to provider but most policies will pay out for up to 12- 24 months, or until you get back to work - whichever event is sooner, giving you peace of mind in knowing that you are still receiving an income even when yours has ceased.
Why it's important to consider a policy
We've already mentioned that getting help from the State can be difficult and there are eligibility hurdles to jump. If, for example, you were unemployed and had mortgage commitments to meet, even if the State were to contribute towards your mortgage, it would only cover the interest part of the repayments.
Unemployment cover can be quite affordable and can cost from just a few pounds every month for every £100 worth of protection required. We can advise you on appropriate providers for your needs. This type of policy gives you financial breathing space at an already difficult time.
Contact our qualified advisers today for Redundancy Insurance in London.