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.