1. Obtain personalized quotation for redundancy insurance
This contract is designed to provide an income if you are in work and then are made redundant by your employer. The contract can be extended to cover periods of absence from work following accident and sickness, during which your employer will not pay you.
We are able to offer two different contracts. The first, unlike a lot of policies of this nature, you do not have to use the benefit to repay a mortgage. You can use the benefit for any purpose that you like. In fact you can have one of these policies even if you do not have a mortgage. The benefit period is 12 month, the maximum benefit is £1000 or a percentage of your income, and the first payment will be made in arrears after 30 days. Effectively this is day one cover, paid a month in arrears.
The second contract we can offer will provide benefits for you only up to the amount of mortgage payments that you have, but it benefits from reduced rates, and the first three months are given free. The benefit period is 12 month, the maximum benefit is £1500 or a percentage of your income, and the first payment will be made in arrears after 30 days. Effectively, again, this is day one cover, paid a month in arrears.
On the first contract, because this is a free standing contract and does not require a mortgage to be taken out at the same time, the insurers will not pay for any redundancy which occurs in the first 120 days of the contract.
On the second contract the insurers will pay for redundancy which occurs in the first 120 days if you are taking out a new mortgage at the same time, but if you are covering an existing mortgage they will not cover the first 120 days. However, on this contract they will waive the premium for the first 3 months, whether or not you have an existing mortgage or a new mortgage.
Please note that all insurance companies are very careful to ensure that you are not better off whilst ill or when you have been made redundant than when you are normally working. They believe that this will not encourage people to return to work. Benefits are therefore limited not only under this contract, but also under all contracts that you may have.
The self-employed, directors and proprietors of businesses are covered on the first contract if their business ceases to trade and is formally wound-up by an independent third party.
A few facts and figures for you.
- Currently 90 families a day are having their
homes repossessed. The majority due to the financial problems
associated with unemployment.
- One in three people aged between 25-34 have
experienced unemployment for a period in excess of one month.
- Almost one in five working age households (3.4
million) have someone who is currently unemployed.
- Today in Britain there are nearly 1,500,000
people who are registered as unemployed
- Every day 500 people in the UK become unemployed.
60% of unemployed men and 45% of unemployed women will be out of work
for six months or more.
- Every adult in Britain is five times more likely
to suffer a serious incapacity than die before the age of 60.
- Today in Britain, 2,900 people will start
claiming state incapacity benefits
- 1,800,000 people in Britain are already incapacitated and have been unable to work for 12 months or more.
This contract is offered by Adminicle Ltd., and is only available via selected Insurance Brokers.
Press the personalized quotation link here or in the left hand column for a full quotation. It will provide a quotation, and you can either download an application form, or apply on line via the underwriters web site.