No one can say their job is safe and with the future being unpredictable if you have loans, credit cards or a mortgage you could be left worrying how you would manage to repay them if you were to come out of work. While you cannot predict the future you can safeguard your finances with payment protection insurance taken out in the form of redundancy cover which can give you a replacement income.
If you were made redundant, and providing you had checked the terms and conditions of a policy, then redundancy cover would give you the money needed to carry on paying your essential outgoings once you had been out of work for a period of time continually. The majority of policies ask that you are out of work for between 31 to 90 days before they will kick in and begin providing you with a tax free income and would then continue for between 12 and 24 months, depending on the terms and conditions of the policy.
Loan payment protection can be taken out to safeguard against being made redundant and would give you the money each month to be able to continue repaying your loan or credit card repayments and so not get behind and into debt. Mortgage payment protection can be...
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