Risk Insurance Advisor Steve O’Connor helps people ensure they have the right insurance cover when they need it most.
In today’s uncertain employment environment, having a back-up plan is more important than ever.
Redundancy Cover is designed to provide financial support if you’re made involuntarily redundant, helping you manage your living expenses while you focus on your next career move.
How it works:
- After a four-week wait period, a monthly benefit (up to $4,000) is paid for up to six months.
- This cover must be taken in conjunction with the same provider’s disability cover, such as Mortgage Protection or Income Protection.
Important: Many people assume income protection automatically includes redundancy cover, but it does not.
Redundancy Cover is a separate benefit and must be added specifically.
During the Covid-19 pandemic, many people relied on this cover, leading some insurers to stop offering it altogether.
However, the good news is that a few providers still do.
Key exclusions to be aware of:
Redundancy Cover may not apply if:
- You’re made redundant within 180 days of starting the policy
- You had reason to believe redundancy was likely at the time of applying
- You’re on a fixed-term or seasonal contract
- You’re self-employed
- You’re working in casual or temporary roles
- Would your savings be enough if you lost your job?
If your answer is no, now is the perfect time to explore your options.
Let’s chat – I’m here to help you plan for the unexpected.
- Steve O’Connor, Insurance Advisor, Insurance Market
- 021 862 330, steve.oconnor@insurance-market.co.nz
