Redundancy cover could make life easier if you should become unemployed. The policy is designed to present the policyholder with an income which would be the sum they insured. When taking out cover you choose from mortgage, loan or income payment protection and insure a pre-agreed amount of your monthly repayment or your monthly income.
All providers would state a deferment period which is the period of time you would have to wait before making a claim. This would usually be between the 30th day of unemployment and up to as much as the 90th. Once you have begun to claim and receive your income you would then continue to do so for between 12 months and 24 months. After this period of time the protection would simply expire.
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The redundancy cover you would choose to take out would depend on what you have to maintain each month. You could have mortgage repayments that need servicing each month and failure to maintain them would lead to mortgage arrears. If you cannot repay them you could lose your home to repossession. With mortgage payment protection behind you to fall back onto you would have a large portion of income towards keeping up with your repayments.
Loan repayments could be protected with a loan payment protection policy. You would have the income towards your loan repayments each month which would go towards ensuring you do not fall behind on payments. Any type of missed payment whether they are loan or otherwise would affect your credit file. Your credit file is what lenders take a look at when deciding whether they will give approval when you apply for credit at anytime. If you have a bad mark against you for failing to keep up with your repayments it is unlikely you would obtain credit.
Redundancy cover taken out in the form of income payment protection allows the policyholder a sum of money that goes towards all outgoings. This is a very versatile form of insurance against a lost income as you can use it towards any payments and bills. You might use a portion of the income to continue meeting your family food bill each month. Keep the heating and lighting bills paid; in fact you can maintain any bills that come into the home with the sum of money.
Life without redundancy cover could become very difficult during a time when you least need it. Without cover you would be searching for work always with the worry at the back of your mind about not having money to cover bills. While the insurance means that you have another payment to make each month if you shop around you can get cheap premiums for a policy. Standalone payment protection providers usually offer the cheapest premiums and even these vary considerably. Always compare the cost of insurance and along with this the terms and conditions of the protection. Checking the small print and key facts is essential as this is where the exclusions are found and once you have checked these against your lifestyle you have something to fall back onto if needed.
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