subject: Redundancy Protection Will Support You Financially How? [print this page] Out of job due to unemployment, sickness, accident? Are you thinking over what may happen in such a situation and what if the dooms day strikes? Dont worry, you will not be affected financially, if you get a protective payment cover for your self before these eventualities occur. Redundancy policy is the right cover for you. If you are made unfit to work due to redundancy, sickness, accident or unemployment, you must understand that a protective policy will support you financially.
Be it mortgage payments, monthly house hold bills, credit card payments your policy will cover it all if you were to be bed ridden and are made redundant due to various reasons such as accident, sickness, unemployment etc. Getting financial assistance when you are out of employment and being able to meet all your financial obligations is definitely a breather to all those facing temporary or permanent unemployment.
You may be covered for a compensation of 70% each month. You will be paid any where from 60 to 70% of your salary till you get back to work or find some new employment. Make use of this partial salary payment to pay your mortgage and other essential bills. You cant ignore your mortgage or credit card bills as the mortgage lender may take away your home if you repeatedly miss out and default your mortgage loan payments.
Besides this, you can do some freelance jobs while you are at home. Do not let your accident handicap you completely, if you can use the computers then you may choose to do some thing with the use of internet. Do not let the insurance company get wind of your freelance work as they may not compensate you suitably. No company will pay you any compensation if you are on paid sick leave and you make a claim from them. Before making any payments, they will firstly enquire your employer if the job details are true and if he has not been paid his salary.
Make sure, your job details should be right and to make a claim you should have been in regular employment and not on contract. You must also have completed more than six months of employment in that company, only then are you liable for a compensation. Before you sign up for a redundancy protection policy, find out all the terms and conditions, so that you will not repent later. Your ignorance will not pay you anything in the end.
by: Kirthy Shetty
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