Redundancy Insurance

MrsBrodie

Hi all,

Things are a bit hairy at work, and I'm worried....

Does anyone know anything about this and if it's worth it??

I have no idea, but just worried about the mortgage and wedding I am paying off......

Thank you so much...
MrsB

kingstreet

If your employer has made redundancies recently, or has employees under consultation, you may not be able to get cover.

You can insure against losing your job through no fault of your own. The monthly benefit payable for either 12 months or 2 years. The initial exclusion period may be three or four months, to put-off those who fear they may be facing redundancy from taking out cover "at the last minute."

The premium will be based on the amount you wish to cover and the waiting period, before you start to receive payments. 30 day back to day one cover would be the most expensive. Providers offer cover based on mortgage payment amount, plus extra, or sometimes simply based on a percentage of your income.

MrsBrodie

Thank you so much! Any idea who does it/where would be a good place to start looking?

Thank you!

kingstreet

It's probably no surprise I'm going to suggest an independent or whole market broker, or an IFA.

All the PPI aggro is from contracts sold without advice, where the policyholder would never be able to benefit from the cover he was paying for.

A written recommendation, by a broker providing advice based on your individual circumstances, should ensure the contract pays out when you need to make a claim.