Makes Use Of The Redundancy Insurance At The Time Of Unemployment About Redundancy Insurance: The financial crisis has resulted in the less security of the jobs and the number of people becoming unemployed has been rising up and this in turn increased the number of crime rates as well as eviction rates. It is believed that the redundancy insurance will solve the unemployed problems as well as the eviction and so the crime rates will automatically be disappear if there is no monetary woe. This insurance policy will pay a monthly premium for those people who have lost their job involuntarily. There are many insurance companies and most of them have different policies with various features on the basis of paying the monthly installments to the policyholders or benefactors. A few companies will be paying this monthly premium for 12 months and a few other companies for 24 months until you find a suitable job. These insurance companies are established in order to favour the people to prevent them from gambling with their future. Eligibility For Redundancy Cover: There are several criteria which are considered by the unemployment insurance uk companies before offering the monthly premium. The first and the foremost thing is that before providing the money to the unemployed, the company by ensuring that the person is able to pay back the money without fail. Then the company will be insisting the unemployed to provide the proof for the employment for six months that the person worked before. In addition to that the company will be paying this premium only to those persons who are unable to work because of their illness but the person should check with insurance company earlier. Types Of Redundancy Insurance: There are three types of redundancy insurance which are offered to the unemployed and this includes Mortgage protection insurance, salary protection insurance and rental payment insurance. The mortgage will be paid by the mortgage protection insurance if you are an unemployed. In addition to this you can also avail another benefit of choosing redundancy
cover besides other expenses. This will enhance the premium which in turn enhances your benefits. Salary Protection Insurance: Another type of redundancy coverage includes the salary protection insurance. According to this policy the company will be paying 50% of the gross salary for the unemployed which will be more helpful for the person to meet the daily expenses. In addition to these there are also several advantages as a type of lump sum which can be availed by the person who has quit the job for some valuable reason or if the person is in the situation of needing more care. Rental Insurance Payment: The last redundancy insurance which is released recently for the benefit of unemployed is the rental insurance payment. This policy has been released to take care of the rent at the time of the unemployment period of a person. These types of coverage will be more beneficial for them as this will be covering all their expenses, when they are in very bad condition. Being without a job is one of the critical situations in one’s life. People who have come across this situation would understand the importance of unemployment cover