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Don't allow gap in life cover if made redundant, policy holders urged

As the economic downturn continues to cause havoc across the country and lead to job losses, those who are made redundant have been advised not to let the situation cause a gap in their cover if their protection was work-related.

Some jobs come with indemnity policies such as life insurance or critical illness cover included in the contract and redundancy means that this arrangement may be withdrawn, according to Lovemoney.com

Group policies such as those obtained by firms sometimes benefit from reduced premiums and those made redundant should explore the possibility of transferring the protection to individual cover with the same favourable terms, advised the website.

"If you can't do that, think about setting up a new policy so there isn't a gap in your cover," recommended the personal finance site, which stated that the policy can be cancelled later if similar benefits are received in a new job.

The website went on to recommend including the value of the lost benefits in redundancy package negotiations.

With recent figures from the Office for National Statistics showing the number of those unemployed is over two million and rising, having income protection insurance or unemployment cover is increasingly becoming vital.

 

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You may also be interested in:

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