Goodness And Draw Backs Of A Redundancy Protection!

By Author: Kirthy Shetty
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While you consider to protect your income and other payments being out of employment, you must see to it that you are not being forced to buy an insurance plan. Not all insurance plans suit all types of employment. Redundancy protection insurance or income protection policy is meant for employed people. These are not meant for self employed or unemployed individuals. These policies are basically used to protect individuals who are employed in some sort of an organisation and are on employment with them for more than a year or two.

When you are unable to work due to sickness, accident or have been laid off, you are compensated with some income so that you can lead your life without being affected by the circumstances surrounding you. You will not be deterred by your ill health or loss of job due to this protective policy. Therefore, understand the importance of the policy and have them in place.

Consider when you have a right to claim for mis selling of your policies:

You may claim for compensation when you have been mis sold a policy. Policy by itself is expensive and if you buy some thing that is of no ...
... use to you, then you have wasted thousands of pounds in an insurance policy. UK government protects such policy holders who have been the victims of mis sold policies. You have all the right to make a rightful claim against such mis happenings.

Conditions to be covered for claim against mis selling of policies:

You are a self employed person and you were sold a Redundancy protection insurance.

You may have had pre existing medical conditions and they still sold a policy. Remember that your pre existing medical conditions will not be covered in any of these policies. Do not buy them, if you have one. Instead go for health insurance.

If you were made to believe that it is compulsory to have a policy. Remember that these policies are optional and it is at your disposal to opt for it or not.

If you are forced to buy it and was told that with out this policy you are not allowed to take a loan. A payment protection insurance is not mandatory and you can get your loan approval even with out this.

If you were made to sign an insurance paper which was concealed with the loan papers. You will not be aware that you have signed a payment protection policy. Your agent has deceived you on this.

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