Accident, Sickness & Redundancy Insurance

Redundancy Insurance - what it is

Redundancy cover, which is also known as Redundancy Insurance, can help you protect either your salary or mortgage repayments if you lose your job due to redundancy. In other words, there are two types of Redundancy cover, comprising Mortgage Protection insurance and Salary Protection insurance. Either way, both help you to meet your financial commitments, through regular payments under the terms of your Redundancy cover.

Redundancy Insurance - what it could do for you

What Redundancy insurance could do for you depends on two things: whether you need to cover your mortgage or your salary. If you choose Mortgage Protection redundancy cover, you can ensure that your mortgage repayments are paid. This generally means the normal monthly payments you make to your lender for the mortgage on your own private residential property. However you may also include the cost of ancillary policies such as your mortgage protection and buildings and contents policies. If you choose Redundancy cover to give you an income, the premium will be higher, because you’ll receive a higher payout, but your other living expenses in addition to your mortgage will be covered.

Redundancy Insurance - how it works

If you need your Redundancy Insurance to cover your mortgage, the maximum monthly benefit you are allowed to insure is 65% of your normal income up to #1,500.00. You can choose to receive benefit payments after either 30 or 60 days of continuous unemployment and benefit will cease after you have received 12 monthly payments.

For salary protection the maximum monthly benefit you are allowed to insure is 50% of your normal income up to #2,500.00. You can choose to receive benefit payments after either 30 or 60 days of continuous unemployment and benefits will cease after you have received either 12 or 24 monthly payments.

If you are self-employed, the income paid under the insurance is normally calculated on the amount of your taxable income, or profits, during the 12 month period prior to you becoming unable to work.