Protect Against The Unknown With Redundancy Insurance

Protect Against The Unknown With Redundancy Insurance



Protect Against the​ Unknown With Redundancy Insurance
Redundancy insurance is​ also known as​ ASU insurance or​ payment protection insurance and can be taken out if​ you​ have monthly loan repayments,​ credit card or​ mortgage repayments to​ make each month .​
Providing you​ are working full time and are aware of​ the​ exclusions which are in​ all policies,​ then redundancy cover could be a​ lifeline if​ you​ should find yourself unemployed through involuntary redundancy or​ out of​ work due to​ accident or​ long term sickness .​
A redundancy insurance policy would begin to​ pay out usually once you​ had been out of​ work for 30 days or​ more and would continue to​ give you​ a​ lump sum which is​ tax free each and every month that you​ are out of​ work for up to​ 12-24 months .​
You can take redundancy cover out in​ the​ form of​ mortgage payment protection insurance,​ loan payment protection insurance or​ income payment protection insurance and all policies work the​ same way and have similar exclusions which could stop you​ from being eligible to​ claim .​
Some of​ the​ most common include being retired,​ self-employed,​ not in​ full time work or​ if​ you​ suffer from a​ pre-existing medical condition .​
There are others and it​ is​ essential that you​ understand these before purchasing your cover.
Redundancy insurance can protect against the​ unknown but it​ has to​ be bought carefully and a​ good policy with a​ low premium will take some finding .​
The best way of​ securing the​ lowest premiums for your redundancy cover is​ to​ go with a​ standalone specialist .​
Premiums do vary from provider to​ provider and you​ have to​ know where to​ look .​
However it​ is​ down to​ you​ to​ understand the​ conditions and key facts of​ your policy before purchasing to​ ensure that it​ is​ right for your circumstances and that you​ would be able to​ claim successfully.




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