Redundancy Insurance Protection is an insurance policy that will pay you a monthly income if you get made redundant from your job, but how much does it cost ?
A common misconception is that it is a very expensive type of insurance. The cost will vary depending on how much insurance you arrange.
A redundancy insurance policy is a type of agreed value income protection so each insurance company uses a calculation to work the amount of insurance they are prepared to offer you.
This is usually based on a percentage of your income, or it can be based on how much you pay each month for your mortgage (if you have a mortgage).
Most insurance companies will only allow you to take out redundancy insurance protection if you also have sickness and accident income protection.
The additional cost of adding redundancy protection isn’t alot, and there are good reasons why you should also combine any life insurance you have or need into the redundancy income protection policy.
But if you really just want redundancy insurance on its own there are options available, they are limited, but you can get a policy.
The cost of the redundancy insurance will be more affordable than you may think considering that a policy may end up paying you for 6 months which could amount to you getting $20,000 over that time.
Ease Insurance will work out how much redundancy insurance you are able to get, and also provide a quote for the cost of redundancy insurance.
Please visit our “Redundancy Insurance Page” for more details on the policy and “get a quote” for yourself.
Article by Andrew Ball (Ease Insurance Brokers) 1 July 2013
- 1 Jul, 2013
- Ball Andrew
- 0 Comments