Redundancy cover provides you income if you are made redundant. Nevertheless, it is essential that you read and understand the policies incorporated in the insurance plan to know its features.
Making sure you have redundancy insurance as part of your mortgage payment protection insurance is essential for a worry-free situation.
It is necessary to take precautionary measures to prevent us from panicking during situations that are beyond our control. One such situation is having an accident or getting sick and being unable to work and earn a living.
A person who is faced with this condition would be in a dilemma not knowing where to get the means to feed his family and even himself. He will also have to face the fact of how to pay his outstanding debts. Worrying about these matters could lead to a slower recovery from the accident or illness.
Aside from that, we must not disregard the increasing economic crisis that has befallen the world today. This crisis has led more companies to declare bankruptcy, bringing a higher percentage of unemployment rates.
Protecting you from such a nightmare scenario is the mortgage protection plan. It helps you cope with your monthly mortgage repayments as well as keeping on top of your other financial responsibilities. This will free your mind from the worry of having your home repossessed and would lead to your fast recovery. It also gives you time to look for another job if you were involuntarily laid off from work.