Income Protection against Redundancy

In our current climate of financial and employment uncertainty, you need to ask yourself in the event you were made redundant how would your finances cope. According to a Department of Works and Pensions survey conducted in 2009 most working people would last only 4 weeks without an income before getting into financial difficulty.

If you are made redundant and you are an income protection insurance policy holder, you may be able to receive tax free monthly payments of up to £1,500 per month for up to 12 months. There is a type of income protection insurance policy specifically designed for you if you have been made redundant.

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Income protection insurance for redundancy is generally a short-term policy. You are not eligible for cover if you are aware that your job might be at risk of redundancy. 

Income protection insurance may serve to protect you against the pitfalls associated with redundancy, as it helps you to keep on top of your finances while you search for another job. Income protection insurance will:

• Serve as your income while you are looking for employment
• Help you keep on top of heating, electricity and water bills
• Assist with paying home, car and other insurance policies
• Help you to pay your mortgage payments or keep up with rent payments
• Assist you in paying your debts if you have any
• Help you pay your council tax

Income protection insurance can provide financial breathing space whilst you look for new work.