Redundancy Insurance Cover Australia
Lifebroker will shortly offer comprehensive and affordable redundancy cover. With instant cover options, extended opening hours and simple processes, access to redundancy insurance will soon be a reality for all Australians.
What is Redundancy Cover?
No one is able to predict the future, but that doesn’t mean you aren’t able to plan for every possible eventuality that may come your way.
It’s an unfortunate symptom of life in the current global economy but traditionally high levels of job security and long term employment are now much less common for people working in every industry and sector.
Protecting you and your family against future negative economic developments in the economy makes sense, especially if you have pressing or ongoing financial commitments such as mortgage repayments, credit card charges and educational fees.
Redundancy cover pays a monthly benefit of up to 3 months should you become Involuntarily Unemployed, or up to 6 months should you be unable to work because of sickness or accidental injury. These benefit payments are intended to help you cover basic necessities and meet any pressing financial commitments whilst you are looking for new, full-time employment.
Redundancy Cover also allows you to tailor your policy to suit your specific and unique needs by allowing you to select an amount from $500 up to $2500 of cover per month, depending on your needs.
Lifebroker’s team of insurance experts will work with you to find the most comprehensive levels of redundancy cover available to you at the most affordable market rates.
What are the benefits of Redundancy Cover?
Involuntary redundancy is not covered by Income Protection and it is important to understand that there is a very clear distinction between the two options for cover.
Unlike Income Protection insurance, Redundancy Cover is not intended to supplement an earned Income should you become unable to work due to illness or injury. Instead, Redundancy Cover is intended as a last line of defence for the financial security of you and your family in the event of you being made involuntarily redundant. It is advisable that in order to ensure the most comprehensive levels of financial protection for you and your family, applications for both Income Protection and Redundancy Cover are made.
A specific 3-moth benefit period applies to all Redundancy Cover policies which are claimed after the beneficiary is made involuntarily redundant. If the worst-case scenario was to arise and you are made Involuntarily Unemployed, Redundancy Cover will help you meet any pressing financial commitments whilst you are searching for new, full-time employment.
Whether you’re raising a family, meeting mortgage repayments or are looking to buy a property in the near future, Redundancy Cover will provide you and your family with piece of mind knowing that these important commitments will still be able to be met, no matter what unforeseen circumstances may arise in your current place of employment.
Who is best suited to Redundancy Cover?
Redundancy Cover is suitable for Australians in the workforce aged between 18 and 60 years of age and can be renewed up to and including the age of 64.
Those wishing to make a claim for Redundancy Cover must have registered themselves as unemployed with CentreLink or an equivalent government authority or must be able to provide satisfactory evidence of unemployment.
It is important to remember that your Redundancy Cover claim will not be honoured should your employment be terminated due to self-inflicted injury or suicide, criminal or illegal activity, or for failure to adequately perform your occupation due to a pre-existing or recently developed mental-health disorder.