What is redundancy cover income protection
18/11/2023 Accounting - Finance
Price: 620007.00 ₹
Description
"Redundancy cover" and "income protection" are two different types of insurance policies that serve distinct purposes.
Redundancy cover
Redundancy cover, also known as unemployment insurance or job loss insurance, is designed to provide financial protection in case you become unemployed due to reasons such as redundancy. It typically pays out a monthly benefit for a specified period to help cover your living expenses during the period of unemployment.
Income protection
Income protection insurance, on the other hand, is a broader type of coverage that is not limited to job loss. It is designed to replace a portion of your income if you are unable to work due to illness or injury. This type of policy generally pays out a regular income until you are able to return to work, retire, or the policy term ends.
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