|I want an online quote for redundancy cover.|
Redundancy cover or redundancy insurance as it is better known is an insurance policy designed to provide a replacement income in the event of you being made redundant. There are three main types of policy:-
Mortgage redundancy cover is generally the cheapest policy as the perceived risk to the insurer is lower particularly if the policy is taken out at the same time as the mortgage.
Income redundancy cover is regarded as the highest risk for the insurer, and is therefore more expensive as people often take out this once they know they are going to be made redundant
The mortgage protection type is normally restricted to 65% of your income, and the benefit amount is often restricted to your mortgage payment and related insurance. Where as the limit for pure income protection is restricted to 50% of your income, however the benefit level is not restricted to specific detailed outgoings.
If you are self-employed, or on a short term contract we recommend checking with the insurer whether you would qualify for the redundancy element of the policy. As unemployment due to seasonal work, or if you choosing to cease trading and becoming unemployed will generally not be covered by this type of policy.
We have a wide range of redundancy plans at UKinsuranceNET, with individual plans offering up to £2500 per month benefit, and we have been known to organise total cover of up to £10,000 per month by combining several different plans.