Tips to Protect Your Monthly Earnings Against Redundancy Or Sickness

Crisis can strike an individual at any time, such as an accident, bad health or lay offs etc. In this situation it would be hard to meet your basic amenities and repayment of loan, medical bills and credit card bills is out of question. You will face loan arrears and very soon will have to file for bankruptcy. Stop, you don’t have to face such a situation. If you think your job is uncertain and your employer can lay you off any time, then it is better you opt for payment protection insurance.

Such a policy will help you deal with your crisis situation. How? If you have a loan, it is better to get a loan payment protection. This will help you repay your loans even when uncertainty strikes you. When you are redundant, met with an accident or are sick, your monthly earnings will be protected by the insurance company. It will heed to your claims after 30 days of your request made. Some companies will consider a claim after 90 days of unemployment. You will be paid 50 to 75% of your salary every month. It may pay up to 12 months and you will be paid roughly around £2000 maximum amount per month. Some will pay you till you find another job or you get well and resume back to work. Thus, you enjoy a defined monthly benefit!

Always, check on an insurance company which will cover you from the day one of your unemployment. This will help you in times if financial crisis, and you can’t wait for 90 days for it to be processed.

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