The Basics Of Redundancy Insurance

By: Simon Burgess

When it comes to any matter to do with your finances it is essential that you arm yourself with as much information as you can. If you have taken on a loan or any form of credit then it is in your best interests to protect the monthly repayments in case you should be made redundant, or come out of work due to an accident or long term sickness. The best way of protecting yourself this way is to take out redundancy insurance and the best way to get the cheapest premium for the policy is by going to a standalone provider.

Redundancy insurance - or payment protection insurance as the cover is also known as - will provide you with a predetermined sum of money each month if you should find yourself unable to work for a period of time. It will generally continue to pay out for a period of up to 12 months, though with some policies it will pay for up to 24 months.

However when taking out the insurance it is imperative that you know what you are buying and what is covered and not covered by the policy. There are many things to consider before jumping in and buying a policy. For example, all polices have exclusions within them and you should make sure you understand them as factors that have to be taken into account include your age, occupation and lifestyle to a degree.

A specialist provider can not only help you by ensuring you get the cheapest deal on the amount you pay for your policy but is also there to give support by way of their expertise.

Standalone providers simply have more knowledge of the product because generally they specialise in this type of insurance, unlike the high street lenders who lack expertise along with over charging on the premiums. So when it comes to buying redundancy insurance shop around and go to a standalone and more ethical provider for your policy to ensure that you get the best deal possible on your premium as well as quality cover.

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