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5 Nov 2024
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Income Protection News

Rising redundancies highlight need for redundancy protection cover

The last few months have made redundancy a household topic as a result of the harsh economic climate that has left a trail of struggling or collapsed firms.

Losing a vital source of income has become a reality but consumers can adopt certain measures such as having unemployment cover, which can ensure bills continue being paid and their lifestyles are not overly disrupted.

According to Julia Whittle of financial advisory group Punter Southall Financial Management, "redundancy ranks right up there with divorce", the Telegraph has quoted her as saying.

Ms Whittle said "being made redundant is hugely stressful" but there are certain things consumers can do to ensure they survive the jobless window such as trying to see if they can continue benefiting from certain employee benefits.

Such benefits include life insurance, which she has recommended negotiating with an employer to continue providing it to ensure there is no gap between the old job and a new one.

"Even if your non-employment period is a lot longer, there may be ways of transferring policies to you personally, which would reduce premiums and avoid having to revert to new conditions," she told the newspaper.

Some 3,310 people are made redundant every day, according to Credit Action.

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