Redundancy Cover
If you are made redundant or bankrupt
Being made involuntarily redundant, or adjudicated bankrupt, can be an incredibly stressful situation. Redundancy cover can help by paying a monthly benefit for up to six months, giving you breathing room to figure out your next step without worrying about your income.
Often, redundancy cover is an add-on to mortgage protection cover – standalone redundancy cover is not as common.
Can’t I get support from the government for this?
While you may be entitled to some assistance from the government, this assistance may fall short of your regular income, meaning you could still struggle to make ends meet while you find new employment.
How long do I have to wait to get paid?
In most cases you will receive your first payment one month after you are made redundant or bankrupt, but this varies between insurers. Most redundancy policies also have a six-month stand-down period, meaning you cannot claim on this benefit within the first six months from when your redundancy cover was issued.
How long will I get paid for?
Generally, redundancy cover pays for up to six months, or until you find a new job – whichever comes first.
Key Facts
If your claim is accepted, it will be paid out in monthly payments.
Cover options: Agreed Value only. This means the amount your redundancy cover pays out is agreed at the time you take out the policy.
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Disclaimer: Please note the content provided on this page is intended as an overview and is for general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect new developments in the industry or address your situation. Before making any decisions based on the information provided on this page, please use your discretion, and speak to one of our advisers.