Redundancy / Unemployment Cover

Cover can be taken on a stand alone basis as just unemployment cover, or taken as part of a Sickness and Accident policy. With many providers, you can also take unemployment cover along side long term Mortgage Payment Protection insurance.

Unemployment or redundancy cover is designed to provide income in the event of a loss of work due to redundancy or a persons employer going bust.

What monthly costs can I cover?

  • Mortgage payments
  • Loan and credit card repayments
  • Insurance premiums
  • Other essential outgoings

The cost of unemployment cover will vary according circumstances and the type of cover you require. There are different deferred periods to choose from, which is the time period between being made redundant and the cover starting to pay out. You can choose for cover to start after 30 days, or longer, such as 8, 13, 26 or 52 weeks before the policy starts. The longer the deferred period, the low the insurance premium, however, it also means that you would have to be unemployed for longer before the policy started to pay out.

1,732 people are made redundant every day*

Every 3.87 minutes someone will be declared insolvent or bankrupt in the UK**

How could you keep afloat if you were made redundant?

You may have enough savings to keep going for while, but do you know how and when you would find another job? A policy can pay out for a specific period to give you chance to find a job, normally this period is 12 or 24 months.

Is it complicated to set up a policy?

The short answer is no. You can set up a policy over the phone with one of our advisors. We can go through the different choices of policy available and set up the most appropriate policy should you wish to proceed.

Contact one of the Harvey Bowes team today on 02921754150

*Source: www.creditaction.org.uk

**Source: UK Debt statistics January 2011.

Your home may be repossessed if you do not keep up repayments on your mortgage

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