If you should lose your income and job through redundancy, you would still have to be able to find the money each month to be able to carry on paying your creditors. If you cannot then you face getting behind into arrears and if this is with your mortgage then you are looking at facing the prospect of repossession. If you get into debt with loan and credit card outgoings then you face a bad credit rating and possibly a day in court and a Count Court Judgement against you. A lost income could leave you struggling very hard as you would not have the money for all the little things such as food bills, heating and lighting, not to mention anything else. It would be hard enough going out and finding work without having to worry about paying out each month.
Redundancy protection provides you with an income after being unemployed for a certain length of time. This is usually around 30 and 90 days. The policy would last for a certain length of time before expiring which is generally in the 12 to 24 month region depending on the provider offering the cover. Exclusions are included in with the policy and again these vary depending on the provider. Exclusions have to be compared against your circumstances. Some providers put in very few exclusions, while others add many more into the policy, so comparing them is essential.
A specialist standalone provider who only sells payment protection products will offer the cheapest policies to guard against redundancy. Depending on the debts and what you have outgoing will all depend on the type of redundancy protection most suitable. You do have to look round for the lowest premiums as all providers offer different quotes and some can be a great deal more expensive than others.
If you have mortgage debts to maintain each month then mortgage payment protection taken as redundancy protection would perhaps suit your needs better. You could insure up to a certain amount of your mortgage repayment each month to allow you to continue paying it, and so avoid getting into arrears with your mortgage. Keeping up with your mortgage is essential to avoid being evicted from your home.
If you do not want to get into debt with your loan repayments they you need to consider taking out loan payment protection as redundancy protection. Your payment would allow you to meet any loan or credit card repayments each month without worry. As with all redundancy protection this means you are able to concentrate on finding work again and earning your own income.
Your income overall can be protected by taking out income protection. By covering your income this way you would be able to keep up with all your essential outgoings. This would include having the money for your mortgage, your credit card and loan repayments and of course the necessities such as keeping food on the table. Losing your income to redundancy would be a big shock not only financially, but it also can have repercussions on the whole family. Nobody has to suffer unnecessarily if you take out redundancy protection.
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