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Insurance Services > Personal > Unemployment
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The intention of these policies if to provide you with the replacement income if you lose your job through redundancy.
The majority of these policies are sold at the same time as a loan is taken
out, whether this be a mortgage or some other form of credit agreement.
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The
quality of these policies varies a great deal and this is also true of
the cost, although it is surprising how often an expensive policy also
provides the narrowest range of protection.
Payments do
not start immediately but have a waiting period of between one week and
three months and then continue for up to two years from the date you
were made redundant. Claims for redundancy are usually excluded during
the first three months of any new policy.
Important
The self-employed should never take out this type of insurance because they cannot claim any benefit from it (excluding cases of bankruptcy).
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