Articles & News About Jobs & Employment

Redundancy Insurance Can Give Peace Of Mind Until You Find Another Job

Being made involuntarily redundant would leave you without an income and so of course without the means to continue paying your essential outgoings as well as day-to-day living costs. This would bring added stress to already stressful situation, but there could be an easy answer - redundancy insurance. This invaluable protection could give you the money to continue meeting your commitments without worry.

Redundancy insurance would provide you with an income between day 30 and 90 of you being continually out of work. Once a policy has started to provide you with a tax free monthly income it would then last between 12 and 24 months. You have the option of three payment protection products to choose from depending on your circumstances. The Loan protection would cover any loan or credit card repayments, mortgage insurance your monthly mortgage commitments and income protection your outgoings in general.

The best place to get quotes for the cover is with a specialist provider. Payment protection products are not the easiest to understand. They can often be filled with technical jargon and there are exclusions to all policies that could mean you would not be eligible to claim. Some of the exclusions which can be found in most protection insurance policies include being self-employed, suffering an illness, being of retirement age or if you do not work full time. Providers can add in others so you do have to check for these when comparing cover.

Redundancy insurance is complicated and in the past individuals have been sold cover only to find they could not claim. Faith in all payment protection products has been lost since the mis-selling scandal was highlighted following an investigation by the Office of Fair Trading and the Financial Services Authority (FSA) from 2005 onwards.

The mis-selling ranged from firms not giving the information needed to the consumer regarding exclusions and high charges for the premium to sloppy sales practices. Firms were handed out fines and the investigation continues. While there have been some changes by firms, in 2007 it was announced that the FSA had investigated over 4,000 cases of mis-selling. This was despite the recommendations set out when it came to changing the way cover was sold.

The protection insurance industry as a whole is now undergoing an in depth review by the independent body the Competition Commission who will announce its recommendations in early 2009.

One of the changes for the better has yet to come with the introduction by the FSA of comparison tables in March 2008. The table will show the consumer how much a policy will cost, remind them of the exclusions and through a series of questions lead them to choosing the best type of cover for their needs. Income protection, loan protection and mortgage protection all give a tax free income but of course you have to decide which one is the most suitable for your needs. Make good use of any advice offered before buying redundancy insurance; do your own research; and the product will work in the way it was designed.

Simon Burgess is Managing Director of the award-winning British Insurance (http://www.britishinsurance.com), a specialist provider of low cost income payment protection insurance (PPI), mortgage payment protection insurance (MPPI) and loan payment protection insurance.

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