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 a 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.



AIMS - Request a call back

Request call back.

or call us
028 90 288585

How We Can Help.

See below for the services we offer.


Mortgages are loans which are intended to help buyers purchase residential property. When an individual takes out a loan, the lender charges interest: the...

view more

Equity Release

Equity release is typically available to people who are over the age of 55 and have their own home with a significant amount of equity, but don’t have...

view more

Homeowner Loans

Lower payments and more disposable income is just around the corner

view more

Request call back.

or call us
028 90 288585

028 90 288585
93 Stockmans Lane,
Belfast BT9 7JD .