Redundancy and Unemployment Insurance
How will you cope and how will you pay your bills or mortgage if you are made redundant?
Redundancy insurance is usually a form of mortgage payment protection cover, which can pay your mortgage if you are made redundant through no choice of your own.
WE CAN INSURE YOUR INCOME, NOT JUST YOUR MORTGAGE PAYMENTS.
We can obtain redundancy insurance to pay you a benefit linked to your income, not just linked to mortgage payments.
IF YOU WANT COVER, YOU MUST ACT NOW
Once your are told you are going to be made redundant, it is too late to take out the cover.
To reduce the cost of the cover, you can choose to have a waiting period of either 30 or 60 days before the monthly benefit is paid to you in the event you are made redundant. If you could not wait for your money, you could choose 'back to day one' cover, although that would be more expensive.
There are a couple of points to be aware of before applying for mortgage-related redundancy cover:
- There is normally a period of time, typically 90 days, before you would be covered against redundancy. (However, if you are moving home or remortgaging, you get instant cover.)
- Your mortgage payments will be met for only a limited time, normally 12, 18 or 24 months. However, this does give you peace of mind that you will not lose your home while you look for work.
