Voluntary resignation, early retirement and under performance will not be covered under income protection policies. Before you sign up with one, make sure that you have understood the terms and conditions of the policy and don't fall prey to any insurance mis-sellings. It would be a case of policy mis-selling if the insurance agent had sold the policy quoting that it would cover under-performance, voluntary resignation and early retirement.
Beware of policies which promote these concepts. No policy will cover an employee if he has been laid off for under-performance. There may be few exceptions, you must check out before you sign up for one. What does the normal unemployment insurance cover? It covers you if you are given a pink slip for no fault of yours. On grounds of recession, few companies resorted to down sizing the team size in order to combat the economic crisis. Lot of them lost their job and where thrown in despair. If they were insured under unemployment protection policy they would not have witnessed this day.
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Experts opine that if an individual is uncertain about his job status, then he would rather have himself insured. Choosing the right policy is as important as choosing a right job. If you sign up for a most comprehensive cover, you will be carefree for the rest of your life. People fear to take a housing loan out of fear of job loss and failure to repay the monthly payments. Hence, getting yourself covered under payment protection insurance is important to you if you have lot of financial commitments.
In case you have been a victim of policy mis-selling approach your policy provider and get a compensation from him. If you have paid your premiums on a wrong policy and if it was mis-sold to you then you can make a rightful claim.
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