I Have Been Made Redundant and Have a Mortgage?
Redundancy cover is something that you may not think about when you’re just starting out on the career ladder, but as you gain more financial responsibility, this type of insurance can appear as a welcome safety net for if things go wrong. Whether you’re looking after your children, paying for a mortgage or have bills to pay every month, redundancy is an eventuality that many people in employment worry about at some point. We’re offering a step-by-step guide on what you can do if you’ve been made redundant and have a mortgage.
Check your insurance policies
The first step is to check any of your current insurance policies to see if you’re protected against redundancy. If you are, you can make a claim to protect your income. If you aren’t, then you can move onto the next step.
See how far your redundancy payments will stretch
The next step is to calculate your redundancy payments and budget accordingly to see how many months you can pay for your mortgage relying solely on your redundancy payments. From there, you should make an action plan on finding new employment within a suitable time frame.
Look at your employment options
The final step is to look at your employment options. Sometimes people can be out of work for longer than planned, so it’s important to have several action plans. Whether that’s finding local agencies for temp work opportunities or signing up for job seeker’s allowance, knowing your options can really help you pay the mortgage bills and get you back on track.
How does redundancy cover work?
Whilst you can’ t protect against being made redundant, you can protect your income.
In any workplace, a redundancy scare can be a worst nightmare. Particularly in an unstable economic climate where work is harder to come by, the thought of redundancy payouts drying up and no income coming in is not a welcoming thought. Often, scenarios like this make people feel like they have very little control.
The good news is that you can protect against such an outcome to ensure you’re not left out of pocket should you get made redundant. Instead of frantically trying to scrape enough money together to cover your mortgage, you can dedicate your time to finding a new job. It will certainly take a huge weight off your shoulders.
Interested in getting insurance to protect against redundancy? Speak to Agentis mortgage advisors today to arrange your free initial consultation.