Redundancy Insurance
Losing your job can be catastrophic to your financial stability. Redundancy insurance is designed to pay you a replacement paycheck whilst you search for other work, helping you to continue paying bills and living expenses.
Redundancy FAQ’s
-
No. Policies almost always have a 6 month ‘stand down period’. Meaning you can only claim after the first 6 months.
-
If you knew at the time of application you were going to be made redundant.
Redundancy in the first 6 months.
Self-employed people.
If you voluntarily resigned.
-
Usually 6 months. Unlike Income or Mortgage Protection, redundancy cover is designed to help you weather the short-term storm until you are able to find another job.
-
Your redundancy payments won't start until after your Wait Period has finished. This is the period of time since you were made redundant.
For most redundancy policies this is fixed at 4 weeks.
-
Most policies are designed to cover up to 62.5% of your income up to certain maximums depending on the insurer.
However, you can insure a lower amount if you like, to keep your premiums down.
-
If your income changes, it's best to revisit the amount you have insured and check if it still matches your situation.
Redundancy Insurance Resources
-
“Very easy to deal with and they’re there when you need them.”
Hamish Scott
-
“He takes pride in the services he provides and is willing to take time out of his day no matter the query.”
Dylan Thomas
-
“He will make sure that you are not overpaying or missing out on what you really need.”
Isaac Woo