# salary protection



## jump ship (16 Feb 2009)

hi
the company i'm currently employed by is letting lots of people go.  I'm thinking of getting salary protection, anyone have any advice??


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## LDFerguson (16 Feb 2009)

Mortgage Repayment Protection has a waiting period for redundancy claims of a few months - exact time depends on who you take it out with.  There's also a clause that if you have reason to believe you might be made redundant when you start the policy, it won't pay.  That's open to interpretation.


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## Ravima (17 Feb 2009)

are you confusing SALARY PROTECTION with PHI? The latter only kicks in if you have to stop work because of a specified illness.


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## jump ship (18 Feb 2009)

no, just redundency insurance to cover loans and expences while i look for work


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## Jimbobp (18 Feb 2009)

Most repayment protection policies are based around a mortgage repayment (most providers will allow you to protect up to 120% of your mortgage repayments) rather than general loans & expenses, so be sure you know what you are buying before committing to a policy.


www.powerinsurances.ie


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## daveyk111 (18 May 2009)

jump ship said:


> no, just redundency insurance to cover loans and expences while i look for work


 

Assurant offer an Income protection product through IBA brokers. No mortgage necessary - gives you 12 monthly benefits when made redundant.le me know if you need any other information


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## fattymcfat (10 Jun 2009)

Hi, took out a medium personal loan (€4k) pre christmas, nearly half paid off. I took out insurance at the same time with the issuing bank.

Just been made aware by the boss we might be let go in coming weeks, if I were to claim on the income protection would it affect my credit rating? Also will they seek repayment if i get another job??

Thanks


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## LDFerguson (10 Jun 2009)

If the repayment protection does pay your loan repayments, your credit rating won't be affected.  Make sure that you keep up the repayments until you're sure the policy is taking over.  

If you get another job, the insurance will stop paying your repayments and you'll have to start again.


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