Redundancy Insurance Cover
What is Redundancy Insurance Cover?
Redundancy protection insurance pays the policy holder a lump sum income protection benefit for each month you are unable to work for a maximum period of three months whilst you search for new employment.
Life Insurance companies limit the benefit payable to your minimum mortgage repayment amount.
Who Offers Redundancy Cover?
There are only a limited number of Life insurance companies in Australia who will offer any sort of redundancy protection insurance through there comprehensive income protection policies.
These are as follows:
One Path income protection policy will provide redundancy protection if you have your loan with ANZ bank.
CommInsure income protection policy will provide redundancy protection if you have a loan with Commonwealth bank.
MLC will offer a limited policy if you have a loan with NAB.
What is Redundancy Insurance Cover?
Redundancy protection insurance pays the policy holder a lump sum income protection benefit for each month you are unable to work for a maximum period of three months whilst you search for new employment.
The added benefit is that these polices will also provide a monthly income benefit for not only your mortgage expenses but also your living expenses that is up to your monthly benefit.
Most comprehensive income protection polices will also waive their premiums whilst your are unable to work due to redundancy for a period of up to 12 months.
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