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Basics of Redundancy Protection Redundancy Protection is the one of the parts of returns Protection Insurance. Redundancy Protection is also called ASU Insurance, because this insurance is given for accidental cases or for a sick or unemployment person, this Insurance Policy protects the Policy holder to overcome problem of income which is they are unable to earn from job. This Insurance Policy secures someone’s life from unemployment. This Protection normally covers a period of 12 months, which means a policy holder gets a year’s advantage from the time he has lost his job. Some Insurance Companies offer this redundancy for longer periods, which means up to twenty four months. Similarly for a longer period policy premium is also higher than for the 12 months period. What is the significance of Redundancy Protection? For one who has who suddenly lost his job, without his own mistake it is the painful for him that his monthly earning stops. But this is not an unreal story. It is very true in today’s financial stage. Some day they become frustrated trying to figure out how to pay necessary expenses like electricity bills, taxes etc. To prevent this, one must apply for redundancy protection Why apply for Redundancy Protection? After any one is Jobless for any sudden cause, and looks for another job for starting the stopped income you can apply for this insurance. It is insurance but it is also a profits payment scheme, which ensures that one would get payment from the insurer each month. It helps to him to bear his expenses. And it continues his income when he is job less. This is not a scheme only for some public who fear to be fired by their employer; even a self employed person can defend himself by getting a self employed redundancy policy. Redundancy policy may not only be used in case of loss of job, but also to defend oneself incase of illness, wounds, industrial accident etc, which makes them powerless to be able to for work a certain period of time. Therefore this approach acts as a breather when there is sudden suspension which damages and affects the earning ability of the employee and ensure normal income at the time interval so that it can the weight down the difficulties of the already struggling person. Eligibility for redundancy insurance protection - unemployed for the cause of low performance or financial recession
- powerless to work for any sickness or health damage
- has been unemployed for at least 6 months
Type of redundancy Insurance protection There are 3 types of protection - Salary
- Mortgage
- Rental
Shourya Ray Chaudhuri, Ezine Articles Expert Author.For more information: Redundancy Protection Insurance
Get more information: Income Protection Insurance
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