Skip to main content
  • 033 33 447 300
  • info@mortgage-pro.co.uk
  • Home
  • About Us
  • Services
    • Mortgages
      • Introduction to Mortgages
      • Mortgage Repayment
      • First Time Buyer
      • Remortgaging
      • Standard Variable Rate Mortgages
      • Fixed Rate Mortgages
      • Tracker Mortgages
      • Cashback Mortgages
      • Offset Mortgages
      • Second Charge Mortgages
      • Buy to Let
      • Self Build Mortgages

      Give us a call on 033 33 447 300 or drop us a message!

      CONTACT US TODAY!
    • Life Assurance
      • Introduction to Life Assurance
      • Level Term
      • Increasing Term
      • Decreasing Term
      • Renewable Term
      • Convertible Term
      • Investment Linked
      • Whole of Life
      • Family Income Benefit

      Give us a call on 033 33 447 300 or drop us a message!

      CONTACT US TODAY!
    • General Insurance
      • Introduction to General Insurance
      • Redundancy / Unemployment
      • ASU
      • Household
      • Shops & Commercial
      • Pet
      • Motor
      • Caravan
      • Holiday Insurance
      • Marine

      Give us a call on 033 33 447 300 or drop us a message!

      CONTACT US TODAY!
    • Equity Release
      • Introduction to Equity Release
      • Types of Equity Release
      • Lifetime Mortgage
      • Drawdown Lifetime Mortgage
      • Home Reversion Plan
      • Home Income Plan
      • Costs

      Give us a call on 033 33 447 300 or drop us a message!

      CONTACT US TODAY!
    • Health Insurance
      • Introduction to Health Insurance
      • Private Medical
      • Critical Illness
      • Income Protection

      Give us a call on 033 33 447 300 or drop us a message!

      CONTACT US TODAY!
  • Mortgage Calculators
    • Mortgage Borrow
    • Mortgage Repayment Calculator
    • Overpayment
    • Stamp Duty
  • Research Links
  • Testimonials
  • Privacy Policy
  • Contact Us
  • Main Menu

  • Home
  • About Us
  • Services
    • Mortgages
      • Introduction to Mortgages
      • Mortgage Repayment
      • First Time Buyer
      • Remortgaging
      • Standard Variable Rate Mortgages
      • Fixed Rate Mortgages
      • Tracker Mortgages
      • Cashback Mortgages
      • Offset Mortgages
      • Second Charge Mortgages
      • Buy to Let
      • Self Build Mortgages
    • Life Assurance
      • Introduction to Life Assurance
      • Level Term
      • Increasing Term
      • Decreasing Term
      • Renewable Term
      • Convertible Term
      • Investment Linked
      • Whole of Life
      • Family Income Benefit
    • General Insurance
      • Introduction to General Insurance
      • Redundancy / Unemployment
      • ASU
      • Household
      • Shops & Commercial
      • Pet
      • Motor
      • Caravan
      • Holiday Insurance
      • Marine
    • Equity Release
      • Introduction to Equity Release
      • Types of Equity Release
      • Lifetime Mortgage
      • Drawdown Lifetime Mortgage
      • Home Reversion Plan
      • Home Income Plan
      • Costs
    • Health Insurance
      • Introduction to Health Insurance
      • Private Medical
      • Critical Illness
      • Income Protection
  • Mortgage Calculators
    • Mortgage Borrow
    • Mortgage Repayment Calculator
    • Overpayment
    • Stamp Duty
  • Research Links
  • Testimonials
  • Privacy Policy
  • Contact Us

Give us a call on 033 33 447 300 or drop us a message

Contact Us Today

Redundancy / Unemployment

Benefits of a redundancy cover plan

If you are in full time employment you should consider the benefits of a redundancy cover plan. We are all vulnerable to the potential of involuntary redundancy and the good old days of knowing that you have 'a job for life' seem to be gone.

For your own peace of mind consider how to minimise the possible financial impact of such an important event.

How can you protect yourself against involuntary unemployment?

Well you can buy peace of mind when you take out an unemployment protection plan which provides a tax free monthly amount that can be used to help you manage financially in the event of involuntary unemployment.

Once you are made involuntarily unemployed, the policy will begin to pay out after a set period of time, and whilst this can vary among different providers it is typically from 30 to 90 days after redundancy.

What income level can you expect?

A typical plan will allow you to insure up to 50% of your monthly gross earned income, or up to £1,500 - whichever amount is the lesser, and when you compare this to whatever you may receive from the State, (not everyone is eligible for financial assistance from the Government if they are made unemployed), you'll appreciate how valuable this type of cover can be.

How long will the cover pay out for?

This varies from provider to provider but most policies will pay out for up to 12 months, or until you get back to work - whichever event is sooner, giving you peace of mind in knowing that you are still receiving an income even when yours has ceased.

Why it's important to consider a policy

We've already mentioned that getting help from the State can be difficult and there are eligibility hurdles to jump. If, for example, you were unemployed and had mortgage commitments to meet, even if the State were to contribute towards your mortgage, it would only cover the interest part of the repayments.

Unemployment cover can be quite affordable and can cost from just a few pounds every month for every £100 worth of protection required.

We can advise you on appropriate providers for your needs, as cover may be cheaper when taken with an independent payment protection specialist compared with the high street banks and lenders.

This type of policy gives you financial breathing space at an already difficult time.

Benefits of a redundancy cover plan

If you are in full time employment you should consider the benefits of a redundancy cover plan. We are all vulnerable to the potential of involuntary redundancy and the good old days of knowing that you have 'a job for life' seem to be gone.

For your own peace of mind consider how to minimise the possible financial impact of such an important event.

How can you protect yourself against involuntary unemployment?

Well you can buy peace of mind when you take out an unemployment protection plan which provides a tax free monthly amount that can be used to help you manage financially in the event of involuntary unemployment.

Once you are made involuntarily unemployed, the policy will begin to pay out after a set period of time, and whilst this can vary among different providers it is typically from 30 to 90 days after redundancy.

What income level can you expect?

A typical plan will allow you to insure up to 50% of your monthly gross earned income, or up to £1,500 - whichever amount is the lesser, and when you compare this to whatever you may receive from the State, (not everyone is eligible for financial assistance from the Government if they are made unemployed), you'll appreciate how valuable this type of cover can be.

How long will the cover pay out for?

This varies from provider to provider but most policies will pay out for up to 12 months, or until you get back to work - whichever event is sooner, giving you peace of mind in knowing that you are still receiving an income even when yours has ceased.

Why it's important to consider a policy

We've already mentioned that getting help from the State can be difficult and there are eligibility hurdles to jump. If, for example, you were unemployed and had mortgage commitments to meet, even if the State were to contribute towards your mortgage, it would only cover the interest part of the repayments.

Unemployment cover can be quite affordable and can cost from just a few pounds every month for every £100 worth of protection required.

We can advise you on appropriate providers for your needs, as cover may be cheaper when taken with an independent payment protection specialist compared with the high street banks and lenders.

This type of policy gives you financial breathing space at an already difficult time.

Read less
  • Home
  • About Us
  • Testimonials
  • Privacy Statement
  • Contact

Registered office address: {Reg Address 1}, {Reg Address 2}, {Reg City}, {Reg County}, {Reg Postcode}

Registered in England and Wales under reference {Reg No}

Mortgage Pro 1601 Demo is an appointed representative of <Network Name>, which is authorised and regulated by the Financial Conduct Authority.

<Network Name> is entered on the Financial Services Register (www.fca.org.uk/register) under reference {Network FCA Reference No}.

Registered Office: Mortgage Pro, 192B Station Road, Edgware, Middlesex, HA8 7AR

Copyright 2021 - Website Design & Development by Mortgage Pro