I am in full time employment at present but given the current economic situation I am considering taking out some Income Protection Insurance in the event of redundancy

Q: I am in full time employment at present but given the current economic situation I am considering taking out some Income Protection Insurance in the event of redundancy. Whilst there is no talk of redundancy or other measures at present from my employer we do not know what the future holds. The company made some redundancies in February and since then business has picked up slightly.

I would like to know if those redundancies affect my eligibility to apply/claim on such a policy. I would be looking for a monthly payment of £750 (50% of my Nett monthly income) to cover my mortgage and other essential bills.

I also want to know if there is a time period stipulated that I have to remain in employment e.g. 3 months after taking out the policy, and the earliest claim that can be made after redundancy.

If you could answer these questions and offer some advice I would be most grateful.

Email is the best form of contact for me, if possible.

A: This has been assessed by the underwriters.

If you have confirmation from your employer (letter from manager or HR department) that the redundancies have completed, then you would be eligible to apply for income protection insurance cover.

 

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