REDUNDANCY INSURANCE FOR UNION MEMBERS
Redundancy insurance pays a monthly benefit if you have been made redundant. It is primarily designed to ease financial stress while you continue to look for work.
How much of my income can I insure?
Up to 40% of your gross annual salary at the time of application; eg: if you earn $60,000 you can insure $24,000 giving you a monthly benefit of $2,000 with no income offsets.
How long does the benefit continue?
6 monthly payments.
Are there any conditions I need to know about?
- There is a 6 month stand down period before the cover starts.
- You are not covered under this benefit if you had reasonable knowledge of the possibility that you were going to be made redundant at the time of taking out this benefit.