Redundancy Protection Insurance vs Trauma Insurance – Choose Wisely!

​The world of Redundancy Protection Insurance can be confusing to navigate. But it’s essential that you do it right – your survival and wellbeing could well depend on it.

That’s what happened to Jeremy Walton. The company he’d been with for nearly a decade restructured three years ago. While they were appreciative of his contribution, they saw no way to bring his role into the new business structure. This was completely out of the blue and hit hard. Thankfully Jeremy had had the foresight to take out a Redundancy Protection Insurance policy a few years before this. He and wife Nicole discussed where to from there and made some minor adjustments to their lifestyle. Their relief was huge knowing their redundancy insurance cover maintained their mortgage repayments. Their bills were also covered for the 6 months that it took Jeremy to find another role that he felt was right for him.

Redundancy Protection Insurance vs Trauma Insurance – which do you need most?

Redundancy Protection InsurancePeople often consider these to be interchangeable but that’s not the case.

Trauma Insurance covers you in the event of a serious illness or injury. A list of these are agreed upon when you take out your trauma cover and it is payable as a once off lump sum payment.

The benefits of a Trauma Insurance policy are obvious as they provide immediate financial cover for your needs while you focus on recovery or adjusting to new circumstances. Trauma cover funds are available for unexpected medical bills.

The drawback of Trauma Insurance is that it covers once off amounts, but makes no provision for ongoing costs.

Your trauma cover policy can be reinstated, subjected to having selected the buyback option, once you have recovered from the illness or injury, but it will never again cover the condition already claimed.

Redundancy Protection Insurance vs Trauma Insurance – which do you need most?

People often consider these to be interchangeable but that’s not the case.

Trauma Insurance covers you in the event of a serious illness or injury. A list of these are agreed upon when you take out your trauma cover and it is payable as a once off lump sum payment.

The benefits of a Trauma Insurance policy are obvious as they provide immediate financial cover for your needs while you focus on recovery or adjusting to new circumstances. Trauma cover funds are available for unexpected medical bills.
The drawback of Trauma Insurance is that it covers once off amounts, but makes no provision for ongoing costs.
Your trauma cover policy can be reinstated, subjected to having selected the buyback option, once you have recovered from the illness or injury, but it will never again cover the condition already claimed.

Get your redundancy insurance quotes now

Redundancy Protection Insurance

Redundancy insurance policies help you pay the bills for up to 6 months. When you take out the redundancy insurance policy you stipulate the monthly income protection amount you’ll receive in the event of redundancy.

Your redundancy insurance company will offer you both short term and long term options for your disability income insurance.

You’ll also specify the period of time you’d like to insure yourself for, allowing yourself financial security while you look for another job. This can be up to five years, or until you’re 70 years old.

Redundancy Insurance can cover you for sickness too. Redundancy insurance premiums can be tax deductible, whereas mortgage protection insurance is not.

The benefits of redundancy protection insurance are numerous.

This is an insurance policy over which you have a lot of control. You choose the premium amounts when you select the monthly amount and the duration of the payouts.
Your ability to earn an income is one of your greatest assets.
Redundancies are a reality of life. It’s critical that you protect your investments and ensure your bills are covered in the event of redundancy or sickness. Whether you choose a redundancy protection insurance policy or a trauma insurance policy – or both – make sure that when the unexpected happens you’re prepared.
The team at Ease Insurance are here to help you. We’ll customise your redundancy policy to be just the right fit for your circumstances. Protect yourself, protect your future. Call us to talk about trauma and redundancy cover at Ease Insurance now.

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