A new InsuranceAgents.com article discusses hedging your bets in a struggling economy with a redundancy insurance policy.
Online PR News – 09-September-2009 – – The stagnant economy and rising unemployment rate has had a ripple effect throughout the country and has made it where it is hard to find anyone who is both confident in the security of their job as well as the steadiness of their income. According to an article recently published on InsuranceAgents.com, you can hedge your bets on the struggling economy with a redundancy insurance policy.
The article, titled ‘Redundancy Blues: Protecting Yourself Against Unemployment Woes,’ defines redundancy insurance as coverage that ensures the reimbursement of a portion of your income between the time you become unemployed to the time you find new employment. “Very few jobs and positions are considered guaranteed and even fewer people are free from worries about a steady income,” the article states. “With unemployment rates constantly on the rise, the need to properly protect yourself is becoming more critical. Redundancy insurance can ensure you manage to stay financially afloat if you lose your job.”
Redundancy insurance comes in two forms: salary coverage and mortgage coverage. Salary coverage redundancy insurance will compensate you for your salary if you lose your job as well as other living expenses that you need in order to get by before you find gainful employment again. Salary coverage is pricier because it involves a higher pay out.
Mortgage coverage redundancy insurance provides protection for your mortgage payments, preventing you from losing your home to foreclosure. This is less expensive but only offers mortgage protection and no other reimbursement for income or living expenses.
If the economy and unemployment rate have got you scared then it might be time you look into unemployment insurance. Go online to InsuranceAgents.com today to speak with an insurance agent and gather insurance quotes regarding redundancy insurance.
Staff contribution: Kyle Fitzsimmons