How Different Is Life Cover from Redundancy Cover?

Each step of our lives need some or the other insurance. Insurance is nothing but a cover against any kind of risk you might face in future, which could turn your life upside down. If such unforeseen events of your life can be insured then you can rest assured andlead a peaceful life. All of us have the responsibility to take care of our family and we leave no stone unturned in keeping our family members happy and satisfied. We take insurance policies to safeguard our interests. Be it your health, business or life if any unfortunate event happens with regards to these it can just shake the financial and emotional condition of any human being. Insurance is just a way to back-up such unfortunate circumstances.
Surviving an Expected Loss of Job

Have you ever wondered how you would survive if you don’t have a job in hand tomorrow. How will you do your loan repayments, credit card payments and your meet your monthly expenditure? What if you lose your job if the market is hit by recession? There are few things, which are not in our hands. Our life and our job are two such vital things.  Fair planning can help you come out of difficult phases of life. Redundancy insurance is one of the solutions to cross over such difficult paths. It is nothing but a cover against unemployment that will help you during the period you are unemployed.
How Does This Cover Help?
It helps those people who have lost their jobs due to some personal injury or economic downturn. However, you are only eligible to get the cover if you are actively searching for another suitable job opportunity. This insurance policy has become very popular and helpful in today’s world and many financial institutions sell this policy. In general, redundancy insurance covers many types of policies like salary cover policy, rental payment cover and mortgage protection coverage.
Creating a Customized Plan to Suit Your Needs

All these important coverage can be combined together to create a customized policy in order to compensate the regular necessary expenditure in day to day life. If you are eligible to get the cover then the policy pays a monthly fixed amount for a stipulated period or till a new job is finalized.On the other hand, life cover is an insurance that helps in taking care of the family in case of an unfortunate event like death. Imagine if the main earning member of the family is no more, in such an event, how will the family manage with living expenses? The best part of life cover is that it provides financial support and security to the family members for years. It takes care of the debts as well. The amount can be received in lump sum also in case of death claims.
In a Nutshell
There are thousands of insurance products in the market that create confusion in the minds of people. Proper knowledge and comparison of various insurance covers can help in making the right decision. After all, some events in life can leave people devastated but thoughtful planning can give some support to go through such difficult times.
Henry Bass is a very knowledgeable insurance agent with years of experience in this industry and has helped lot of people in planning for their future risks. His write-ups and articles educate people in planning important events of life.