What is Redundancy Cover?
Redundancy Cover is an insurance that pays a monthly benefit for up to 6 months if you are made redundant in your job. Many insurers do not provide this cover by itself. It comes along with Income Protection Cover and/or Mortgage Repayment Cover.
Why do you need Redundancy Cover?
You may need a backup plan to help you cover your living expenses if you’re made redundant.
Redundancy cover provides you with a monthly sum insured that is ‘agreed upon’ from the outset and is paid at the end of the waiting period if you are made redundant.