Do I really need redundancy cover / insurance protection?

A question we are often asked by our customers is “Do I really need redundancy cover?” To this question, we ask the customer to consider what would happen if you were to be made redundant in your current position. Regardless of your salary, debts and assets or lifestyle, every person would be affected by a loss of a job. However, this might be in a different way than you think. While many people consider being made redundant meaning a month or two off work while you find another job, this is not the case most of the time. The job market is tough to break and while you may find your dream replacement job pretty quickly, there may be dozens of others who are after that same job. Therefore it is important to apply for redundancy cover today.

Is Redundancy Cover a Step in the Right Direction?

If you are unsure whether redundancy insurance protection is a step in the Redundancy cover insurance, redundancy coverright direction for you, this recent story of a happy client should help in your decision towards redundancy cover. Kate (name changed), applied and was approved for a redundancy protection insurance policy in October 2018 after realising that she didn’t want to take any risks being the breadwinner of the family. Acknowledging that the redundancy cover had a 90 day stand down period, Kate felt secure in her position at the company which was going through growth and merger, and felt she had a strong position in the future of the company. Kate enjoyed a great Christmas with her family and had no second thoughts about her redundancy cover or her company. In mid-February 2019, Kate was called in to speak with her boss and was told that she was being made redundant with a one month notice period. This took Kate by surprise and realised that after the money spent over the Christmas and summer break, she was glad to have redundancy cover there for her.

Since this happened after the 90 day stand down period, Kate is now entitled to in hand payments of $4000 per month over the next 6 months. This means after only $450 in payments for her redundancy protection insurance, Kate will receive payments to full value of $24,000. She is glad to have taken that step to protect herself and her family as she is able to not only sustain her family, but also keep up with mortgage repayments and stay out of financial hardship. This situation could have turned out very differently had it not been for that $450 well spent.

Redundancy Cover: Yes or No?

Being the redundancy insurance experts in New Zealand, we have witnessed many situations similar to this one happen to families in various situations around the country. All of our happy clients are glad to have taken out redundancy insurance before they really needed it so they could reap the benefits. Ease Insurance are the redundancy insurance experts in New Zealand. For a no obligations redundancy insurance quote, contact us today.