Choose an independent supplier of redundancy insurance

admin — Mon, 01 Dec 2008 08:02:42 +0000

Right now, buying a Redundancy Insurance seems like a sound idea, after all the boffs are telling us that Britain UK is closed for business. It seems like the sensible option, until you start doing your research. It’s then that you find that these policies are members of the PPI family, which have been on the BBC recently.
But why? Generally its not the the policies themselves, but the way people were “sold” into them. Many lenders have sold Redundancy policies to people when loans are issued, without due regard to whether the policy was suitable or not. In addition, the object was to take the individual out of the market at point of sale, so that he or she would not shop around and find out that the policy was well overpriced. The Competition Commission has now ruled on this point and lenders can no longer sell Redundancy Insurance at point of sale. Well, better late, than never!

Redundancy insurance, does what the titles suggests, it can replace income, make mortgage or loan repayments, when you can’t, because for have lost your job through no fault of your own.

Ok, so where do you buy Redundancy Insurance.

Look for an independent firm, and not a brand belonging to a bank, building society or credit provider. Use the internet and find a firm offering a no commitment online quotation system. Make sure that you download the policy booklet and take the time to read the terms and conditions thoroughly. Look very carefully at initial exclusion periods, whether the policy offers back to day one cover or not, and the level the covered offered.

Mortgage Insurance » Redundancy Insurance

Choose an independent supplier of redundancy insurance