Redundancy Insurance - nobody wants it, but it's popular at the moment. So, what do you need to know.
1. The first one is easiest, shop around, the prices range dramatically for the same cover. Lenders are often quite expensive, so get a quote from them, but make sure you get a quote from an IFA. Obviously I'd like that to be me, but any IFA.
2. If you want Accident and Sickness (AS) cover, don't package this in with your Redundnacy Cover, see an IFA and ask for PHI. The AS in Redundancy cover only pays out for 1 or 2 years, whereas for (often) a similar cost, PHI can pay out until age 65.
3. TENANTS CAN HAVE REDUNDANCY COVER. Not every policy will allow this, but some do.
4. For a radio interview, one of the 'prepared questions' asked me if the costs of redundancy cover had risen over the past year or so. It hasn't.
But, within the small print of most policies (I've not found one without this small print) the insurer maintains the right to increase premiums at 30 days notice and even cancel the policy completely at 90 days notice.
Any questions? Comments? Do you know of a policy without that small print? Let me know.
Regards
Adrian
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