When a big company offers to insure your job for free, something is up.
In normal times, redundancy insurance falls into the category of what’s known as payment protection insurance (PPI), a sketchy-at-best corner of the insurance world in which companies offer to continue making credit card payments or keep up with mortgage bills should you run into hard times financially. Usually, such schemes are simply not good deals, and they’re often foisted on customers by overzealous salesmen.
Just last October, Alliance & Leicester was ordered by the UK’s Financial Services Authority to pay a £7 million (Dh42,800,000) fine for payment protection insurance mis-selling.
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