If you like being prepared for the unexpected, having redundancy cover in place may put you one step ahead.
With this unemployment insurance cover you will be paid a tax free monthly income for up to 24 months based on the provider (there may be a 12 month maximum with some providers). The benefit is paid in the event of involuntary unemployment and this income may help you stay afloat financially while you look for another job.
You normally have to be employed and own the redundancy insurance policy for a specific period of time to be eligible to make a claim, but this differs from provider to provider.
Do you need this protection?
The world is going through an economic crisis. You may or may not be in a company that is struggling, but if you are concerned about being made redundant, then protecting your income might be high on your list.
The mere uncertainty of the economy may be enough to warrant consideration of redundancy cover. In this situation it may be better to prepare for the worst than to be caught out.
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