Redundancy Insurance Broker New Zealand
In an increasingly unpredictable job market, a redundancy protection insurance policy helps protect you against sudden income loss.
Why You Need Redundancy Protection Insurance
Redundancy insurance is designed to provide peace of mind and financial stability if you’re made redundant involuntarily. It is an add-on for income protection insurance or mortgage protection insurance and can no longer be underwritten on its own. As a leading insurance broker in NZ, OneStop Financial Solutions can help you determine the right insurance products for your needs. Talk to our friendly team today for honest, independent advice.
Benefits of Redundancy Insurance Cover
- Maintain your mortgage or rent payments
- Cover living expenses during unemployment
- Helps you maintain some level of savings or avoid withdrawing from your KiwiSaver due to financial hardship
- Reduce financial stresses while you find another job
- Receive a benefit even if your partner is working (unlike jobseeker)
How Redundancy Insurance Works
If you lose your job due to redundancy, insurance is designed to pay a monthly benefit for a specified period, typically up to 6 months. This gives you time to find work or start a new career without the worry of financial hardship.
Why Choose OneStop Financial Solutions as Your Insurance Broker?
Get the Right Insurance for Your Peace of Mind
Job security seems like a thing of the past. Protect yourself and your family with the best redundancy insurance in New Zealand. Our insurance broker services include free quotes and a comprehensive review of your insurance needs.
FAQs About Redundancy Insurance
Who needs redundancy cover?
Anyone who relies on their income to pay for mortgage, rent, or living expenses should consider redundancy insurance. It’s particularly important for those with limited savings or job security concerns.
Can self-employed individuals get redundancy insurance?
Traditional redundancy cover is designed for employees, self-employed individuals may be eligible for specialised income protection policies. Contact us to discuss your options.
How long do I need to wait before I can make a claim?
Most policies have a waiting period, typically 3-6 months, before you are eligible to make a claim. We’ll help you understand the terms of your specific policy.
Are there any specific industries where redundancy cover is not available?
It is more challenging to obtain if you have been in your job for less than six months, are over 65 years old, or work part time. Fewer insurance companies now offer redundancy cover. Currently, only Chubb and AIA offer redundancy insurance options as an optional add-on to Income Protection Insurance.
Take Action: Secure Your Financial Stability Today
Don’t let the fear of redundancy keep you up at night. Contact OneStop Financial Solutions for friendly advice and free quotes on redundancy insurance cover. Our experienced insurance brokers are here to help you find the right cover for your needs and budget.
