Articles > Redundancy Insurance
(13 Apr 2008)
In uncertain times, affordable mortgage cover can be a god-send. Redundancy insurance pays out in the event that you are made involuntarily redundant. Normal cover compensates you for the mortgage payments alone, but additional cover options are available. On an interest-only mortgage of £250,000 at 5.6%, cover can be achieved for a reasonable £29/month. For a repayment mortgage over 25 years, the cover would be approximately £38/month. Both of the above quotes would include a 30-day excess period.
Policies vary, but normally would only pay out in the event that the policy holder is made involuntarily redundant, as opposed to accepting voluntary redundancy or being dismissed. If you found this article interesting or useful please share it with others!