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Find out if redundancy insurance is right for you
Also known as unemployment protection, redundancy insurance offers short term support should you be made redundant from your job. Harder to secure since the Covid-19 pandemic hit, some insurers still offer this cover. Quotezone’s independent comparison tool makes finding income protection insurance redundancy deals easy.
Do I need redundancy insurance?
The past few years have proven even the most stable businesses and industries can be rocked by unforeseen circumstances. Redundancy protection insurance offers you peace of mind and a period of financial stability, should you unexpectedly be made redundant. Even if you feel very safe in your job and have savings, an extra layer of protection can be helpful if you have a mortgage to pay or dependents.
How does redundancy insurance work?
Redundancy insurance pays for a percentage of your previous salary – usually up to 60%. Some insurers will work out a payment based upon your financial commitments too.
Monthly payments may begin immediately or after a pre-agreed deferred period and will continue for a set term (usually up to 12 months).
Does redundancy insurance cover me if I’ve been fired?
Redundancy insurance only covers you if your employment is terminated through no fault of your own. If you lose your job because of misconduct or voluntarily leave a job without having another one lined up, your redundancy protection insurance won’t pay out.
Is there cheap redundancy insurance?
Not only is redundancy insurance harder to come across post-pandemic, the prices are also not as competitive as they used to be.
You can help bring down your monthly payments by increasing the agreed deferred period (the time period between the loss of your job and the start of your payments) – a good move if you know you have savings to tide you over.
Monthly payments can also be reduced if you ask for a smaller payout.
Finally, offer to continue monthly insurance payments, even when you’re made redundant and are receiving a payout.
Can I cover 100% of my salary?
Some insurers will offer to do this, but only up to a maximum salary figure, such as £50,000 per year. Your monthly payments on such a policy will be much higher.
Who offers redundancy insurance now?
Although not as widely available compared to the pre-pandemic era, many leading insurers still offer this type of insurance, and moving forward we are sure to see prices settle as the economy recovers.
You can get quotes for redundancy insurance from:
- Legal and General
- The Exeter
If you’re ready to protect your finances, compare redundancy insurance now.