While we all like to think that our jobs are secure, the fact is that no one's employment can be classed as a job for life anymore. Companies that have been household names have collapsed and in some cases, hundreds of people have lost their jobs. If you were to lose your job through redundancy, you would be left struggling when it came to repaying your essential outgoings. Redundancy insurance can be taken out to safeguard against this fact and give you the security of an income. All that the individual needs to do is to shop around with a specialist provider and get quotes.
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Redundancy insurance can be taken in the form of mortgage protection, income payment protection and loan payment protection. Which type of policy would be most suitable would depend on your circumstances. However, all three would work the same when it came to providing you with an income that would be tax-free.
All types of redundancy insurance would begin to provide the policyholder with an income from between 30 and 90 days. This is dependent upon the provider and you can find out in the terms and conditions along with any exclusions which could apply. Once the policy has commenced paying out it would then continue to do so for between 12 and 24 months, again depending on the provider.
Mortgage payment protection when taken out as redundancy insurance would provide the policyholder with the money needed to be able to continue servicing the mortgage. This means that you would not be left struggling when it came to the repayments or worry that you could lose your home. Relying on the State to provide help is not the best way to protect against losing your income. While they can provide help, if you took out your mortgage before October 1995 then you would have to wait several months before seeking benefit. That is if you are eligible. Those who have savings or who live with a partner who is in full time employment would not be eligible. When it came to benefit then it would only be for the first £100,000 of the interest part of your mortgage.
Loan payment protection insurance would provide the money to continue meeting the requirements of your loan. This would stave off your creditors and stop them from sending in bailiffs to take your possession. It would also ensure that you would not earn yourself a bad credit rating. A bad credit rating can take years to repair and would mean that your chances of borrowing were slim.
If you wish to protect your income, in general you can take out redundancy insurance that would pay you up to so much of your monthly income. This would ensure that you are able to continue living your current lifestyle without having to make drastic changes. You would be able to meet essential outgoings, which would mean you would not get into debt.
All types of payment protection taken out as redundancy insurance would allow you to peace of mind. This would mean that you would be able to concentrate on looking around for another job.
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