Why do I need Redundancy Cover?

RedundancyCover can only be chosen with Income Cover and/or Mortgage Repayment Cover. Redundancy Cover provides you with a monthly sum insured amount that is agreed on at commencement of the cover and is paid at the end of the waiting period if you are made redundant. Some examples of how this money can help are paying for: day-to-day expenses (e.g. power, phone, food etc.) mortgage or rent payments, or costs associated with looking for new employment

• The Monthly redundancy payment is payable after six months of the commencement date of the policy
• The Monthly redundancy benefit will be paid in arrears, with the first payment made one month after the end of the waiting period
• Provides cover of up to $4,000 per month
• The Redundancy benefit will be paid until the earliest of the following:
  
  • Six months after the Redundancy Benefit commenced
  • The Life insured begins work again