Editor’s Note:
In the U.K. unemployment insurance is called redundancy insurance and it is available from private insurers. In the U.S. although there is State Unemployment Insurance it is difficult if not impossible to find supplemental (private) unemployment insurance although John Hartline, an insurance industry veteran, tried to get insurance companies to provide it, as reported in this article from the N.Y. Times. ~Tim McMahon, editor
Redundancy Insurance :
As the news tells us on an almost daily basis, the employment market is more fragile now than it has been for a long time. The current economic crisis sees no signs of abating and more companies are going into administration than we have ever known before which has resulted in over 2.51 million currently being unemployed in the UK (source:office for national statistics).
During such troubled times, one of the primary concerns that all of us have is how we would support ourselves and our dependents should the next company in crisis be ours.
This risk applies to small businesses and large corporations alike and the fear of loosing financial security for ourselves and our families is going nowhere.
The Introduction of Redundancy Insurance
Thankfully, there is a solution to this worry that ensures you can meet your bills and maintain your current standard of living should you be made unemployed through no fault of your own.
Redundancy cover has been created in direct response to the uncertainty in the employment market specifically to protect the income levels of individuals who are made redundant during this time.
How Redundancy Insurance Works
This is an innovative product that bridges the gap between redundancy and a new job. If you are made redundant this policy will pay a monthly sum of up to 50% of your gross income to keep you comfortable until you can find a new job. Such a level of unemployment benefit can cover all your major monthly commitments and help you maintain a standard living for an agreed period of time until you find alternative employment.
Redundancy Insurance takes away the worry of meeting your outstanding debts when you have been made unemployed but also provides the impetus to seek alternative employment before the expiration of the policy arrives.
Flexible Premiums and Flexible Benefits
Choose the level of cover you require and the length of time you would like to benefit from the policy. The conditions are flexible so that you can create an arrangement that meets your needs. Premium prices are dictated by the terms you choose so that any such policy can be adapted to support the affordability of the cover and create an agreement that works for you.
How to Take Up a Redundancy Insurance Policy
Redundancy Insurance protection is now available from a wide range of providers. It can be taken up as an individual policy or as part of a wider Accident, Sickness, and Unemployment (ASU) agreement.
As with all insurance policies, it is wise to shop around to find the product that is most likely to suit your needs. Online financial comparison sites can help you find the cover that will suit your needs and at highly competitive terms.
So if you are lying awake at night wondering how you are going to meet the bills should your company be the next victim of the economy, consider taking up Redundancy Insurance protection. It will provide you with the peace of mind you need and hopefully help you sleep a bit better too.
See Also:
- 10 Awesome Jobs You Can Do From Home
- The Difference a Degree Makes in Unemployment Levels
- Will Big Bird Lose His Job?
- Choosing a Professional Resume Writing Service
- Choosing a Professional Resume Writing Service
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Author Bio:
This article was provided by Marcus Allerton enjoys writing articles on a whole range of life and protection insurance topics.
Image courtesy of Renjith Krishnan / FreeDigitalPhotos.net