Redundancy Insurance Cover in New Zealand is an insurance policy that will pay you a monthly income if you get made redundant from your job, but how much does Redundancy Insurance cost?
It is 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 insurance. Each insurance company uses a calculation to work the amount of insurance they are prepared to offer you.
This can be based on a percentage of your Gross Income, or your monthly mortgage payment or a total of general household expenses.
Redundancy Insurance is only offered as an additional add on to Disability Insurance, so you end up with a policy which will pay you a monthly benefit if you cannot work due to sickness or accident income protection and if you get made redundant.
The additional cost of adding redundancy protection isn’t a budget breaker, it also makes sense to combine any life insurance or Trauma Insurance you have or need into the redundancy income protection policy.
Making your insurance affordable is one of our main goals here at Ease Insurance, so even if you have had a quote from someone else it seemed to high to afford, get a quote from us, we will have ways of keeping the premium affordable.
The cost of the redundancy insurance will be more affordable than you may think considering that 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 June 2018