Affordable and Comprehensive Redundancy Insurance in New Zealand
Almost everybody in New Zealand has to remain in work until retirement so that they can afford to meet their mortgage repayments, pay the bills and put food on the table. However, even if you’ve landed your dream job with a high salary and excellent progression opportunities, you never know what the future might have in store.
How will you afford to live if you suddenly get made redundant and have little to no savings? Will your family be forced to relocate or suffer as a result of your lost income? Will you have to take the first job you can find despite wanting to do something else?
Unfortunately, job security seems to be a thing of the past, and nobody is impervious to the threat of redundancy. Luckily, you don’t need to face financial disaster if you lose your job because you can purchase affordable but comprehensive redundancy insurance – also known as loss of job insurance and salary insurance.
Here at Ease Insurance, we understand that daily life can be stressful, but we also know that panic and fear can take over when people lose their jobs. Fortunately, salary insurance in New Zealand is much more affordable than you might expect, and we’ve made it simple to compare quotes from up to five of the nation’s leading providers in a matter of minutes.
After you’ve received your quotes, we’ll call you to discuss your requirements and help you choose the right cover for your particular situation. Plus, if you need to make a claim, we’ll ensure your insurance provider sticks to its promises, and we’re always on hand to answer questions and offer advice. Call our insurance broker specialists today to find out how we can help you.
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Why Should I Insure Myself for Redundancy?
There was once a time when people, assuming they worked hard, could expect to remain with the same company until retirement, but job security is no longer what it used to be. From entry-level workers to senior executives, anybody can be made redundant at any given moment. Consider the points below, and you’ll see why salary insurance is becoming increasingly crucial.
- The current WINZ unemployment benefit is just over $200 per week for a single person aged 25 years. Is that enough to cover your bills, mortgage, food and hobbies?
- It can take months to find a job that offers the same remuneration package and benefits as your previous occupation. Do you want to take on a job you don’t want just because you need the money?
- Four in ten New Zealanders reported they couldn’t pay their bills for more than one month after losing their income.
- Only eight percent of people can cover their expenses for six months after being made redundant.
Unfortunately, many companies offer redundancy packages that don’t give people the time they need to find a job with a similar pay package. If you’d rather remove the burden of having to find work instantly, then loss of job insurance is perfect for you.
How Does Redundancy Insurance in Auckland Work?
Different providers offer varying benefits regarding their insurance packages, but you’ll usually start receiving payments 30 days after the official date of your redundancy. We’ll help you find the right cover for your situation, but typical policy details are as follows:
- You’ll receive redundancy payments for six months following the loss of your job.
- You can get up to 45% of your previous income or 100% of your monthly mortgage payments, whichever works out to be the most beneficial for you.
- You need to keep your job for at least six months after purchasing cover.
- You can claim twice with most packages.
- If rumours of your company downsizing have been made public, you may not be able to purchase insurance.
- Often, you can claim on your insurance even if your employer gives you a redundancy payment.
- Wait periods (how long it takes to receive your first payment) vary between providers.
- You will need to prove your current income to get covered.
If you want to secure peace of mind about the future of your finances regardless of what happens at work, then you ought to consider purchasing salary insurance from one of the nation’s best providers.
Trust the Experts at Ease Insurance
Despite the fact that job security is no longer a reality, many people still aren’t prepared for the worst-case scenario. Fortunately, you can still receive a liveable income and ensure you have the money to cover your expenses by purchasing affordable and comprehensive loss of job insurance.
At Ease Insurance, we’ll be your partner throughout the process of buying and claiming on insurance. From helping you find the best cover to ensuring your provider lives up to its obligations, our expert insurance brokers will be with you every step of the way. Call us today on 0800 141 889to discuss your requirements with one of our professionals directly.
NOTE: Ease New Zealand Limited does not guarantee that cover will be approved
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