How to get the best Redundancy Insurance in New Zealand?

Unfortunately, job security seems to be a thing of the past, and nobody is indifferent to the threat of redundancy. Many businesses in New Zealand are having to downsize due to the COVID-19 pandemic.

What is Redundancy Insurance?

Redundancy cover, often called unemployment insurance, provides extra protection in case you’re made involuntarily redundant.

You can claim up to two times under the Redundancy benefit. You must be employed full-time for six consecutive months before you are eligible to make your first claim under this benefit.

Many insurance companies and banks have stopped accepting new applications for redundancy cover since the outbreak and the New Zealand Government wage subsidy schemes were introduced.

Many mistakenly believe that by getting income protection insurance, they’re automatically covered for involuntary redundancy (i.e. dismiss from employment, through no fault of their own).

That is not the case.

How does Redundancy Insurance work?

Redundancy Insurance in New Zealand is an optional Income Protection add-on benefit, that pays a maximum of $4,000 per month for 6-month, after a 30-day waiting period that begins on the date you became redundant.

Government Funded Unemployment Benefits

Work and Income may provide financial assistance if you are made redundant and can also help you with retraining or finding another job.

 

Redundancy Insurance in New Zealand
Redundancy Insurance in New Zealand

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Income Protection

  • Cover if you’re off work for accident, sickness and unemployment

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