Redundancy Protection

What is Redundancy Insurance?

Redundancy insurance, sometimes called unemployment insurance, offers peace of mind by providing a tax-free monthly income if you lose your job unexpectedly. This type of protection is designed to cover a portion of your salary so you can keep up with essential payments, like your mortgage, loan repayments, or everyday living costs, whilst you look for new employment.

Typically, redundancy insurance pays up to 65% to 70% of your gross monthly salary for a set period, usually up to 12 months. By choosing income protection for redundancy, you reduce your risk of going into debt & help make a stressful period much more manageable. Mortgage & More brings you access to a range of policies, so you can find cover that fits your own needs & circumstances.

How Does Redundancy Insurance Work?

With redundancy mortgage insurance, you pay regular monthly premiums for your chosen cover. If you are made involuntarily redundant, that means through no fault of your own, you can claim under your policy. The process is straightforward: you register at Jobcentre Plus, start your Universal Credit or Jobseeker's Allowance claim, & provide the necessary paperwork to your insurer.

Following a short waiting period, known as the deferred period, payments begin & continue until you find another job or the policy term ends. Our independent, reliable advice at Mortgage & More ensures that you choose the type of cover & deferred period that works best for your situation. We believe in making sense of the small print so you're never left out of the loop.

What Does Redundancy Insurance Cover?

Redundancy insurance covers you financially if you lose your job due to compulsory redundancy or when your employer goes into administration. It's a safety net for your regular outgoings, including mortgage protection redundancy cover, rent, utility bills, or loan repayments. While job loss insurance will not usually cover voluntary redundancy or dismissal, it remains an effective way to bridge the gap between jobs, especially for homeowners in Maidstone concerned about mortgage repayments.

At Mortgage & More, we guide you through the options, helping you choose between policies that focus solely on redundancy or those that combine other elements of income protection. We're always here to answer questions & keep things simple, offering you a comprehensive guide on decoding financial jargon.