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Should you consider redundancy insurance?

As the economy continues to slide and the unemployment figure continues to rise it has been revealed that more and more people are now looking at redundancy insurance which is designed to assist if you lose your job. But is it really what you need? Will it deliver the goods in the event you lose your job?

There have been a number of online warnings issued to those who are looking at redundancy insurance because there are some conditions attached to the average policy. The fact that you need to have been in employment for at least 6 months prior to any claim could cause major problems as could the fact that you will not receive any financial assistance immediately. Many policies only kick in after 30 or even 60 days so you will not be receiving any income from your policy during this period.

So what are you options?

The only real way to ensure that you have sufficient money to cover yourself in the event of being made unemployed is to top up your savings. However, over the last few months we have seen serious pressure of family incomes with more and more people not in a position to save - in fact many have already spent their savings to pay the bills.

Tread with caution....

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