In order to uphold the interest of job goers, there are certain insurance policies evolved to safe guard their income. To be an employee calls for a lot of trouble as he may be laid off any time by the employer. What can he do in such a situation? He can’t do any thing but go bankrupt if he does not have enough savings to bank on. More over if he has already borrowed some secured loan amount for his child’s education or for house construction then he would be risking his collateral. To avert such a situation you must be prepared and get an insurance cover right away. Which is that protective cover that can save you in times of unemployment?
Redundancy protection insurance will help you when you are out of unemployment! With a mortgage to pay and kids going to school you must not take this risk. Instead get your self protected if you are the sole bread winner for the family. Things may get worse if your spouse isn’t working and you were to be laid off owing to your company facing economic crisis.
It is such a financial disaster, this is the only protective cover that can help you. The other tip for income security is to have a freelance job. When you are on full time employment you can be active online and continue to engage yourself in freelance jobs. This will help you find some solace when you are out of your full time employment with out any proper notice. You may be able to earn one-quarter of your annual income.
Settlement Agreements In case your employer has laid you off, you can bank on this free lance job. This will support you financially until you find another job.
How can redundancy protection cover help you?
Redundancy protection cover can pay your monthly earnings. It is usually 70% of your total income and may change depending on your pay scale. You can use it up to pay your mortgage, loan or any other bills.
It offers ‘back to day one’ cover instead of a usual 60 day excess, this protection insurance policy will provide up to 1500 per month of cover for a period of up to 12 months. These unemployment protection plans can be used to protect your mortgage payments, personal loan payments or even your income against unemployment, accident or sickness. Make use of the right cover!