Redundancy Insurance is designed for employees aged between 18 – 59 years of age. Whilst it may not be replacing your full income, it will help keep you going to up to 120 days so you can get back on your feet again.
What is covered by Redundancy Insurance?
- Redundancy: Pays the monthly benefit for up to 120 days if you were with your employer for at least 12 months (or up to 60 days if you were with your employer for less than 12 months).
- Bankruptcy: Pays 3 times the monthly benefit as a lump sum payment if you are declared bankrupt.
- Death: The policy pays the life cover in the event of your death during the term of the policy. Life insurance claims will be reduced by any redundancy benefit payments made during the same policy year.
Redundancy Insurance offers an easy to understand policy – it's guaranteed acceptance and there are no complicated forms to fill in!
Of course, there are some exclusions for example:
- Redundancy occurring within the first 60 days of issuance of the policy.
- Death from any pre-existing illness or condition, or death by suicide.
- Please refer to TMFNZ for full details of exclusion, terms and conditions.
For more information about TMFNZ products, please complete the TMFNZ enquiry form.