Redundancy insurance is a relativley new term. As you might expect redundancy insurance insures you against the risk of becoming redundant. In recent months this type of insurance has become particularly popular. No one anticipated the current recession which took most business owners and companies by suprise. As a result most businesses were still in expansion mode after what had been a long period of economic boom. This has resulted in a huge surge in redundancy. To read in detail visit our section on redundancy insurance which contains a guide to this type of insurance.
When you take out redundancy insurance you are giving you and your family a cushion that will protect your income level. You can protect up to £1,500 of monthly income with a redundancy policy and this amount will also be capped at 60% of your income at the time that you take out the policy. You can claim under your policy for up to 12 months. After that point you will not be able to claim again until you have been employed for at least 6 months. To read our guide to redundancy insurance visit this page on our main site.
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