Redundancy Insurance
Redundancy insurance is generally advisable to take when you take out a loan, because it covers you if you fall ill, suffer an accident or are otherwise made unemployed through no fault of your own. If you are somehow or other made redundant through your own fault, by self-harm for example, then this voids the redundancy insurance.
What it means is that the redundancy insurance will meet your monthly repayments, so should misfortune occur you don’t have to face the extra worry of defaulting these payments.
You should remember that this is not insurance for being made unemployed. Unemployment and redundancy are considered to be two different things in insurance circles. Redundancy is restricted to situations where being made unemployed is not your fault.
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