Redundancy Insurance. This page is dedicated to customers who are concerned about the risk of redundancy. More than one type of policy that can cover you for redundancy. The information below can help you choose the redundancy insurance for you. Then you can go on to select how much benefit you want to be paid each month if you need to claim.
What is the best type of Redundancy Insurance:
1. If you are paying a mortgage:
If you are paying a mortgage AND have some savings to rely upon, check out i:protect Mortgage Payment Protection Insurance (especially as it is one of the lowest priced policies of this type in the UK – source the FSA’s (now FCA) independent Money Advice Service comparison tables June 2012). This money saving option will cover your mortgage repayments, plus up to an additional 25 per cent more to pay your other household bills.
Consider if this paid to you as a monthly benefit would be enough if, for example, you could not work for 6 to 8 months. If so, this link will take you to i:protect Mortgage Payment Protection Insurance. You can then quickly decide if this is the right cover for you.
2. If you do not have a mortgage:
If you do not have a mortgage, OR would prefer the amount you are paid not to be limited by your mortgage repayments, please see the i:protect Lifestyle Income Protection Insurance policy. The i:protect Lifestyle Income Protection Insurance policy offers you the scope to pay a wider range of bills and loans than Mortgage Payment Protection Insurance; you simply select how much your policy will pay out each month if you claim.
Read on for brief details or click on this link to get full information about the i:protect Income Protection Insurance
Both policies include:
- Flexible Excess Periods allow you to choose when your benefits payments would start. For example, you can choose to start your unemployment benefit after 180 days, 90 days, 60 days, 30 days or from day one (known at ‘back to day one’ cover).
- Benefit payments can last up to 12 months in respect of any one claim. There is no limit to the number of claims you can make in any one year.
- Jobcare Back to Work Service to help you return to work. This service is free and is provided by employment specialists PMA Limited. Advisors are available to offer you practical advice tailored to your individual circumstances. Here is a link to more information about i:protect back to work services.
- Legal Helpline to help you with redundancy matters and tax information. Click for more information about the Redundancy Helpline.
- Self employed people can have exactly the same benefits as employees including unemployment benefit provided your business has ceased to trade and this has been registered with the Inland Revenue.
Click ‘Get a quote’ at the top of this page to obtain a quick quotation to see how little i:protect cover could cost you.