Redundancy and illness cover

A recent survey undertaken reveals four out of five people do not have this cover. To enable you to understand how you can protect yourself in the event of accident, sickness and unemployment, we have detailed more information below.

What is Payment Protection Insurance (PPI)?

PPI, also known as Unemployment Insurance or Accident, Sickness and Unemployment (ASU) cover, is an insurance policy which pays out if you lose your income – due to redundancy or an inability to work because of an accident or sickness – and replaces it with tax-free monthly cash payments for up to 12 months.
Many people aren’t aware that payment protection insurance isn’t restricted to mortgage payment protection, covering just your finance commitments; income payment protection insurance can also be used to safeguard your rent payments, utility and council tax bills or even your monthly food costs.

How does it work?

Providers generally price cover per £100 of monthly benefit – allowing you to clearly see what you’re paying each month and know what the return will be should you need to claim. Simply work out how much you need and the provider will calculate the premium.

Who is the cover for?

Anyone in employment who runs a home. Whether you’re buying your property, renting or in a shared ownership agreement, the financial consequences of a lost salary are equally severe.

What isn’t covered?

We are not saying that mortgage and income protection is right for everyone and there are some important conditions you should be aware of before deciding to take out this cover. For instance there maybe restrictions if you’re a contract worker or there may be conditions for redundancy for self employed people. We can discuss these areas with you further. The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained then cover will lapse.

Why it’s important to you?

PPI is an effective way stop bills spiralling out of control at a time when money is tight. It can prevent you having to use up your savings or getting into debt, so why leave things to chance?

Whilst state support is available, for many, it is unlikely to be sufficient. The weekly Jobseeker’s Allowance  is barely enough to cover a food, bills and mortgage payments.

When should I buy PPI?

Give it some careful thought now, just think how you’d manage to meet your monthly repayments if you were unable to work – don’t leave it until it’s too late. For example, if your company announces a programme of job losses, restructures or mergers with another firm within four months of your policy start date you won’t be eligible to claim.

What’s the cost?

If you would like a quote, please click on the link below to be directed to our partner Insurance 4everyone comparison site. Alternatively you can call us or use our contact us form.

The plan will have no cash in value at anytime, and will cease at the end of the term. If premiums are not maintained, then cover will lapse.

http://i4e000978.bamatrix.co.uk/

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