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    Default Redundancy income protection insurance

    Does anyone have any recommendations for providers? We have income protection for illness with our super but nothing if we get made redundant. Not too concerned about my wage but it would be a big blow if DP lost his job. With 2 children and 1 on the way I'm really worried. DP would get work in his field but the pay would never be as good as he earns now. I'd like to put something in place just in case.

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    Very few providers offer this, and the most I have ever seen is up to three month salary payable. I imagine the premiums are very high too. Might be better to put money towards savings equivalent to three months salary, in case it happens?

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    http://www.wealthsmart.com.au/2014/05/income-protection-insurance-redundancy/

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    I agree with the above poster.
    I woukd save slowly about 3months wages. They usually dont do redundancy iften because most people get paid out for redundancy.

    However I do know virgin insurace does it. I reckon the premium would be so high though that youmay as well save it yourself and earn interest on it.

  5. #5
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    totally agree.

    Save the money - you are way better off


 

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