Even though we all like to think that our jobs are safe, no one can now say that they are essential, and more and more people are being laid off. You can, however, protect yourself from being laid off by getting "redundancy cover."
Redundancy cover, which is also known as ASU insurance, is a type of insurance that pays for your basic expenses if you lose your job due to an accident, illness, or being laid off. Coverage can be bought to protect against losing your job due to unemployment, an accident, or illness, or all three.
If you lost your job and had to pay for things like a mortgage or loan payments, you might have a hard time making ends meet, and any money you got from being laid off would go quickly. But if you had redundancy cover, you could rest easy knowing that if you were out of work for 30 days or more, most policies would give you money so that you could keep paying your monthly bills. Most policies last for 12 months, but some can last for up to 24 months. This is more than enough time for you to get back on your feet and back to work.
You can get unemployment insurance in the form of mortgage payment protection, loan payment protection, or income payment protection. All policies, however, have things called "exclusions" that mean you might not be able to make a claim. Before you buy a policy, you should always read the fine print.
The best way to get redundancy cover is to shop around for the best price. If a policy fits your needs, it can be a great safety net in case you lose your job.
