Redundancy insurance is undoubtedly one of the least known insurance products out there. It is designed to help people who have lost their job as a result of their employer relocating, going out of business, cutting costs and thus staff, and even selling out to a larger company. However, judging by the amount of individuals being made redundant at the moment, redundancy insurance may well be one of the most valuable insurance products around because very few individuals have savings to turn to in times of need.
Individuals should not be penalised because they have been “let go” by their employer through no fault of their own. Families should not struggle to eat and keep warm in times of hardship, and yet, sadly, redundancy payments may be far less than expected and simply not enough to live on.
Redundancy insurance companies have deliberately simplified their products’ terms and conditions as a result of the above dilemmas and now redundancy insurance is more people-friendly than ever before!
When the future of yourself and your family is on the line, anything that can be done to simplify matters is always welcome. Most of the terms and conditions of redundancy insurance products are written in plain English and should be fully explained by financial consultants and advisers in order to make sure the product is as compliant as possible.
You should always read through the policy documents yourself and highlight any sections that you are not 100% certain of. A good provider will be happy to clear up any worries or concerns. Ensure that you look out for any exclusions – for example, if you are a part-time worker, you would not be eligible to claim.
You owe it to you and your family to make sure that you fully understand the cover and choose the right policy.
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