Even though most of us don't like to think about the worst-case scenario, it's a good idea to give it some thought. As the old saying goes, the only things that are sure in life are death and taxes. So, unless you know for sure that your job is 100% safe, you should think about getting redundancy insurance.
Redundancy cover will pay out if you lose your job because of an accident, long-term illness, or being laid off. The cover will give you money for a set amount of time, usually between 12 and 24 months, giving you time to get better or find another job.
When you're thinking about getting the cover, you'll want the best protection for the lowest price. You can get cheap redundancy cover by shopping around and choosing an independent provider. A specialist provider can give you a realistic quote for your premium and good advice about redundancy cover at the same time.
Most redundancy cover policies are bought at the same time that a credit card or loan is taken out from a bank or high street lender. Taking cover in this way, however, is probably the most expensive way to stay safe, as the media is always quick to point out. The best way of getting the protection you need while getting a low cost quote for redundancy cover is to shop around and go with an independent specialist provider. A reputable specialist will be able to give you a much better product than a high street lender, as well as help you figure out what you need if you're not sure.
It's important to know what the product protects you from because there are often conditions in the policy that aren't covered. This means that if the worst happens, you might not be able to make a claim.
