Insurance News for Real People

Does income protection pay redundancy?

Does income protection pay redundancy?

A good question and one that is often misunderstood when it comes to income protection.

It’s also been coming up in conversations more recently, suggesting there’s some job security sentiment developing.

In New Zealand there are five situations that impact your ability to earn an income.

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Under Insurance - Part Two

Under Insurance - Part Two

I’ve got insurance this under insurance thing doesn’t apply to me? It probably does apply to you

What I’m referring to by underinsurance are the various studies around the world, that are pretty consistent with saying about 70% of the population are under insured when it comes to life insurance.

Why do I say it probably does apply to you?

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Redundancy when do you need to have it?

Redundancy when do you need to have it?

Obviously, if you are laid off, but when is it going to be the most use to you?

Often there are comments redundancy protection is expensive relative to the cost of income protection. For those looking at income protection under the age of 40 this is often the case. Income protection pays up to age 70, redundancy protection only pays up to 6 months, with redundancy protection sometimes costing more than income protection for those under 40. Cost is relative, for a 50 year old it can be less than 25% of your overall cost of income protection even though redundancy protection premiums are the same for all ages.

Let's have a closer look at this picture.

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