Redundancy / Unemployment
Benefits of a redundancy cover plan
If you are in full time employment you should consider the benefits of a redundancy cover plan. We are all vulnerable to the potential of involuntary redundancy and the good old days of knowing that you have 'a job for life' seem to be gone.
For your own peace of mind consider how to minimise the possible financial impact of such an important event.
How can you protect yourself against involuntary unemployment?
Well you can buy peace of mind when you take out an unemployment protection plan which provides a tax free monthly amount that can be used to help you manage financially in the event of involuntary unemployment.
Once you are made involuntarily unemployed, the policy will begin to pay out after a set period of time, and whilst this can vary among different providers it is typically from 30 to 90 days after redundancy.
What income level can you expect?
A typical plan will allow you to insure up to 50% of your monthly gross earned income, or up to £1,500 - whichever amount is the lesser, and when you compare this to whatever you may receive from the State, (not everyone is eligible for financial assistance from the Government if they are made unemployed), you'll appreciate how valuable this type of cover can be.
How long will the cover pay out for?
This varies from provider to provider but most policies will pay out for up to 12 months, or until you get back to work - whichever event is sooner, giving you peace of mind in knowing that you are still receiving an income even when yours has ceased.
Why it's important to consider a policy
We've already mentioned that getting help from the State can be difficult and there are eligibility hurdles to jump. If, for example, you were unemployed and had mortgage commitments to meet, even if the State were to contribute towards your mortgage, it would only cover the interest part of the repayments.
Unemployment cover can be quite affordable and can cost from just a few pounds every month for every £100 worth of protection required.
We can advise you on appropriate providers for your needs, as cover may be cheaper when taken with an independent payment protection specialist compared with the high street banks and lenders.
This type of policy gives you financial breathing space at an already difficult time.
Read lessOther Areas of Expertise
Wealth Management
Wealth, just like your health, must be carefully preserved. Your assets need to be protected against the potential threats of erosion by taxation, the effects of inflation and investment risks.
... Read moreTaxation
Most of us face being taxed on our income, our capital gains, and in some circumstances the value of our estate when we die.
Taxation can be very complicated and the rules, reliefs and allowances often change
... Read moreSavings & Investments
When someone talks about savings and saving money, it could be referring to a piggy bank or a high interest deposit account. Savings are effectively cash or cash instruments, such as deposit accounts, term bonds etc.
... Read more
Pensions
When you retire you still need food and shelter as an absolute minimum, but of course you will want to maintain the lifestyle to which you have become accustomed, so unless you can guarantee a large inheritance,
... Read moreMortgages
Your mortgage is probably the largest financial transaction and commitment you are likely to undertake. Surely then you should seek mortgage advice which is individually tailored to your needs and requirements?
... Read moreLife Assurance
The main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you. These people could include family members or business partners.
... Read more
Health Insurance
Health Insurance is probably one of the most important types of insurance you can own. Without it, an illness or accident can have serious long-term financial implications for you and your family.
... Read moreFinancial Planning
Professional Financial Planning is the process which aims to help you realise your ambitions - whatever they may be. As professional financial advisers we can help you make informed decisions about your financial future,
... Read more
Related Topics
Client Testimonials
- Mr & Mrs L of Shropshire
We have always found him to be polite and conscientious and willing to take time to discuss all the relevant points and the merits of each option being considered. We look forward to receiving his advice for many years to come.
- Alyson, Shropshire
I will continue to recommend you to friends, colleagues and business partners
- Peter & Sue, Shropshire
From the outset, we experienced professionalism and - just as importantly - genuine care
- Grace & Rob, Shropshire
We look forward to using your services again in the future and will definitely be recommending you
- Mr & Mrs L of Pontesbury
We have benefitted from your financial advice for the past 15 years. During this time we have been provided with sound financial advice that has seen our investments perform very well indeed.
- Mrs L, Shrewsbury
I should also like to thank you for your excellent service and advice - absolutely first class.....
- Gita, Shrewsbury
the service you provided was faultless. Will get in touch soon
- Mrs S, Shropshire
GOLD STAR FOR CUSTOMER SERVICE!
- Kevin & Michelle, Shropshire
we received a professional service from the whole team. They took the time to understand our circumstances, which were challenging, and found us a product which ticked all our boxes within our timeframes. We wouldn't have been able to find such a good deal independently.
- Mr & Mrs Lewis, Shropshire
We will never forget your kindness and we shall always be grateful
- James, Lincolnshire
people who do such things show they care about the individual rather than look at them as a business deal. I wish you continued success for your business and l will certainly recommend you to family and friends
Request a Call Back
NEWSLETTER
Associations
Contact Details
Masons Independent Financial Advisers
6 St. Johns Hill
Shrewsbury
Shropshire
SY1 1JD
Phone : 01743 244288
The guidance provided within this website is subject to the uk regulatory regime and is therefore primarily targeted at consumers based in the UK.
DACO Associates Limited is Authorised and Regulated by the Financial Conduct Authority and is entered on the Financial Services Register (www.fca.org.uk/register) under reference 586519.
Masons Independent Financial Advisers & Mortgage Port are trading styles of DACO Associates Limited.
Registered Office: 2 Woodside Mews, Clayton Wood Close, Leeds, West Yorkshire, LS16 6QE. ---- Registered in England & Wales No 08072341.