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A redundancy insurance policy can help you protect either your salary or mortgage repayments if you lose your job due to redundancy.
‘Mortgage repayments’ generally means the normal monthly payments you make to your lender for the mortgage on your own private residential property. However you may also include the cost of ancillary policies such as your mortgage protection and buildings and contents policies.
The maximum monthly benefit you are allowed to insure under mortgage protection policies is 65% of your normal income up to £1,500.00. You can choose to receive benefit payments after either 30 or 60 days of continuous unemployment and benefit will cease after you have received 12 monthly payments.
For salary protection the maximum monthly benefit you are allowed to insure is 50% of your normal income up to £2,500.00. You can choose to receive benefit payments after either 30 or 60 days of continuous unemployment and benefits will cease after you have received either 12 or 24 monthly payments.
Both employed and self-employed applicants will be considered.
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