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Redundancy Insurance Policies

Often sold with mortgages, credit cards and purchases, 'Income Protection Plans' or 'Payment Protection Plans' etc are insurance policies that offer payments when someone loses their job. As with all policies it is worth reading the small print with care. If you have already been made redundant it may be worth while checking your existing policies for mortages and credit cards to see if you are covered. Payment protect can be expensive so it pays to look at alternative policies.

Typical exclusions

  • Waiting period - from when you take out the policy - before you are eligible for payments (eg 3 months)

  • Eligibility criteria (eg in permanent work for a period for at least 6 months)

  • Period after redundancy before payments start (typically 30 days)

  • Period that payments will go on for (typically 12 months)

As with all insurance policies it is important to be absolutely honest in answering the policy questions. Yes - it is a relevant piece of information if your company has announced redundancies!

Impact on State Benefits

The money received from the insurance policy should not be treated as income by the DSS provided the claimant is using the insurance to pay monthly payments on a loan, credit card, mortgage, or similar agreements.

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