Redundancy insurance information

Redundancy in the UK is increasing - that is why you need insurance

Why you need insurance

Insurance would have helped 90 families a day who had their homes repossessed in 2000. The majority due to financial problems associated with redundancy. A suitable insurance policy would have helped them.
One in three people aged between 25 and 34 have experienced unemployment for a period in excess of one month.
Every adult in Britain is five times more likely to suffer a serious disability than die before the age of 60. Insurance will help them.
New mortgage borrowers need insurance as they obtain no assistance for nine months. Existing (Pre October 1995) mortgage borrowers receive nothing for two months, only 50% for the next 4 months and then full benefit of any mortgage up to £100,000 provided they qualify for income support ( The Government estimates 70% of mortgage borrowers will not get Income support due to saving, income or working partner.
102,000 claimants have been turned down for incapacity benefit. Recently the Government has suggested reviewing those who do receive this benefit every three years.

You don't need a mortgage to qualify for cover on our insurance contract. We can help pay a mortgage amount, rent, loans, household bills or whatever.
Out insurance policy may allow Immediate cover and free transfer from another insurer.
Benefits under our insurance is on a back to day one basis
Benefits under our insurance are payable for 12 months
We can offer insurance cover self-employed, directors and proprietors of businesses if the business ceases to trade. (see below)
Tax free benefits
Premiums are not loaded on the basis of age, gender, occupation or smoking habits.

To qualify for the insurance you must be over 18 but under 60 and are permanently resident in the UK, Channel Islands or Isle of Man
You must be actively working and have been in continuous employment for more than six months before the start date. You are not eligible if you work in temporary or seasonal employment.
You must be in good health and know of no impending unemployment or disability.

You may have up to £1500 per month or 50% of your gross monthly salary (average to include overtime, commission and bonuses over the last 12 months)

If you are employed (excluding directors/ secretaries or relatives or contract workers) you will be insured if you are made redundant.
If you own less than 10% (or a relative of someone who owns less than 10%) of the share capital you will be insured if you become unemployed.
If you own more than 10% (or a relative of someone who owns more than 10%) you will be insured if the business ceases to trade.
If you are self employed you will be insured if the business ceases to trade.
If you are on a fixed term contract for more than 2 years you will be insured if made redundant. If less than 2 years you will be insured if you are made redundant during the contract and payment will cease on the original contract expiry date.