About Income Protection That Covers Redundancy
For many people job security is a great worry. If you are unfortunate enough to find yourself redundant your income will stop but your bills will continue. This policy ensures that if you are made redundant you and your income will be protected.
Income Protection that covers redundancy is designed to replace a percentage of your previous salary if you were to lose your job due to involuntary redundancy. You would receive a weekly or monthly fee tax free. This payout would continue until you either secure another job, the policy agreement term comes to an end or if you were to pass away.
Income protection if you lose your job through redunancy
Overall the policy is put in place to act as a financial safeguard to give the policy holder peace of mind that if the unfortunate happens and you were made redundant you have put cover in place to protect your mortgage and any other outstanding debts or bills you may have- Why not consider an Income Protection Insurance policy today?
How Does It Work?
If you are made redundant and you have arranged Income Protection that covers redundancy, you could make a claim. The payout of this claim would only be released once the agreed waiting period known as the deferred period has come to an end. The longer the deferred period, the lower your premiums become. These payments would be made on a regular basis and tax free on a weekly or monthly basis and would help to cover your outgoings such as mortgage payments. The payout will only be made during the duration of the agreed policy term.
There are a number features available with this policy, and these include:
The cover will provide you with a financial safety net should you be made redundant and this will help you maintain payments such as your mortgage
The payout is made to you tax free on a regular basis both weekly or monthly as agreed
There are a number of policies available to ensure you have the correct cover, and these are: Guaranteed policies, age related policies and re-viewable policies
What Are The Benefits?
There are many benefits associated with Income Protection that covers redundancy and the main benefits are:
- The policy holder can have total confidence in the cover in the event of redundancy as the policy will provide financial stability by supporting you with all important bills such as your mortgage and other payments
- There are many options available so you can choose the amount of cover you require to suit your needs
- The extras that can be added to the cover such as accident or sickness protection will ensure you have maximum protection
- The payout received by the policy holder will be released tax free
- A claim can be made as many times as the policy holder wishes providing the claim is valid