Redundancy & Unemployment Cover
Redundancy and Unemployment Protection does exactly what it says on the tin. The short term policy covers you in the event of unexpected unemployment, including involuntary redundancy.
A policy of this type could be up to 12 months and will help you pay your mortgage, bills and cost-of-living.
Do I Need Redundancy & Unemployment Protection?
Redundancy & Unemployment Protection might be suitable if you are concerned about being made involuntarily redundant or unemployed. The plan can help you pay necessary bills including mortgage and credit card bills.
This is a short term policy, which means it only covers you for a certain period of time (e.g. 12 months). Redundancy & Unemployment gives you the time you need to find another job without worrying about missing your bills or increasing debt.
How Does Redundancy & Unemployment Protection Work?
Every Redundancy & Unemployment Protection Plan is different, however they all work on a short term basis. Following involuntary redundancy or unemployment, you will make a claim. If it is approved, you will receive payouts – usually 70% or less than your annual income before tax.
The policy will last for up to 12 months or until you get a new job, whichever is sooner.
Be aware that your Redundancy & Unemployment Protection Plan might not payout if you have not worked the role for a certain amount of time or you take voluntary redundancy.