Employees urged to seek redundancy protection

Employees concerned about redundancy in the current climate could benefit from some kind of insurance protection to give them "peace of mind", one expert has advised.

Head of personal finance at the Motley Fool, David Kuo, claims that protection from redundancy, such as income and payment protection insurance (PPI), could become "more of a priority".

This is more likely to be the case for those with wider financial commitments, such as sales directors, who may have mortgages and families to sustain while they look for new sales jobs.

Mr Kuo advises that employees make any decisions with care.

He said: "Shop around for the best deals, and make sure you read the small print to make sure you know what you are covered for and what exclusions apply."

Research by the Motley Fool published last month suggested that consumers spend as much as £1,500 on insurance each year, but are often not aware of how much cover they have.

Some 60 per cent also claimed to dislike insurance, but claimed it was a price worth paying.


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Filed: 25-06-2008