How devastating it is when you’ve just been made redundant – but of course, its never you, its your position! Most of us have experienced being made redundant at least once and it’s pretty upsetting.
I’ve been through it once, and it was totally hideous. You start to think about how you’re going to manage to pay your mortgage, your bills, and feed yourself!
Insurance is one of those things that’s at the top of the list to cancel. You probably feel that can do without life or health insurance for now. Once you’ve found a new job you’ll think about it again then.
You don’t have to cancel your insurance
My client Rod was made redundant, what’s worse is that he was headhunted and then two months later, he was no longer needed!
He’s married to Sally and their daughter was only eight months. Sally was on maternity leave, so they were totally dependant on his income.
I’d meet them a few months earlier as they wanted to review their insurance.
Since the birth of Amie, as well as Sally being on maternity leave, they felt it was a good time to update all of their insurances – especially now with a dependant child.
They increased their life cover and Ron’s income protection and added health insurance for Aime.
Anyway, Sally got in touch with me to check if they had any redundancy insurance. They didn’t have it but I could still help them with something.
Don’t pay for your insurance for six months
With the insurance they had they were entitled to a Premium Holiday. This meant they didn’t have to pay for their insurance for six months and would still be fully covered.
All we needed to do was the paperwork and provide proof of the redundancy. It wasn’t just Rod’s insurance that they didn’t have to pay for – it was all three of them!
So, they didn’t cancel their insurance and thankfully Rod, Sally and Aime were all still fully covered.
Very happy clients
They were so happy with the outcome and it was one less thing for them to worry about. I helped them through the process to make it as straightforward as possible. They were under so much pressure, which is totally understandable as you don’t know where your next pay check is coming from!
They were very grateful, that I was able to help them out. After the six months was approved, I received this lovely message from them:
‘Thanks for everything you are a life saver :-)”.
There many benefits that your insurance may have, that you’re not aware of. But you don’t need to be. You just need someone like us on your side. It’s our job to know what benefits you have.
Like Ron and Sally, be SMART – we take all the hard work away
If you or anyone you know who is unsure about their insurance benefits, then share this article with them so they can get it clarified.
Just click here to book your complementary 10min assessment and we’ll call you at a time that suits you best.
PS: Ron found a full time job within six months, which was a huge relief to them!
Information contained in this blog is of a general nature only and is not intended as personalised financial advice. We recommend seeking personalised financial advice from your adviser before purchasing or changing a financial product.