Is there Income Reduction Insurance?

mitchm71

Hi,

Bit off advice would be appreciated.

I work in the oil industry and as we all know things are going belly up. For now my job is secure but I fully expect redundancies in the company to come at some point, although I would like to think I would not be included.

Anyway, my question is, is there any insurance I can take out that would 'top up' my income if I had to take a lower paying job onshore?

Income protection only seems to offer a payment if you are unemployed/ill etc. What I am looking for is an insurance policy that would give me 'X' amount of income per month if I lost my job and had to take a job that pays half the salary.Basically i would just want to top up that salary so I could still pay the bills without any major dramas, even if it only pays out for 6 months or whatever.

Finding myself a bit overwhelmed with the situation just now and would appreciate any advice on what kind of cover I would be best getting. I will obviously still take out mortgage payment protection, but again this would only cover me if i was unemployed or ill.

Thanks in advance.

ACG

Im not sure if I am able to name insurers. I only use 1 provider and they do offer a "proportionate benefit".

If You qualify for an Unemployment claim but continue to work part-time You will be entitled to a proportion of Your Monthly Benefit. We work this out according to the proportions of Your average gross income received from all jobs before Your claim

Speak to a mortgage or financial broker. I suspect there will be options.

The company I deal with only pffer MPPI which is similar to ASU but it can only cover a percentage of your Mortgage amount rather than income - so its not exactly what your after.

mitchm71

Hi,

Thanks for taking the time to reply.

Interesting to know. My problem being is my broker does not offer any form of income protection, only life insurance etc so they cannot advise.

I will have a go at searching proportionate benefit insurance and see what it comes up with.