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Redundancy Protection Insurance

We’ve got you with our made-to-measure protection against redundancy, so you don’t have to worry about anything but finding the job that suits you Best should the worst happen.

Our redundancy insurance policies have been specially designed to protect your finances from the fallout of redundancy, which can otherwise carve quite the significant hole in your pocket – and your sense of mental wellbeing, too. By guarding your income – and by extension, your bills, housing situation, and lifestyle – we can help you find the new job that’s Best for you; not for convenience.

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So what exactly is redundancy protection insurance?

Don’t worry, we get this question all the time. That’s why we’re here to break it down for you.

We get this question all the time, and we’re here to break it down for you.

Like our unemployment protection insurance, redundancy protection insurance acts as a financial safety net if you lose your job. In today’s job market, where redundancies are on the rise (according to the ONS), it’s natural to worry—but with Best Insurance’s redundancy protection insurance, you don’t have to.

If you work in the UK for 16+ hours a week, a redundancy protection insurance policy can protect your income by covering up to 65% of your salary if you’re made redundant. That money is yours to use as needed — whether for rent, bills, or essentials — helping you stay afloat when you need it most.

What features make up a redundancy protection insurance policy?

Redundancy protection insurance provides income replacement if you’re made redundant, covering you for up to 12 months — A.K.A. your ‘benefit period’ — while you look for work. That means that if you’re made redundant, you could claim income replacement for as little as a month or as much as a year; however long it takes for you to find a new job.

Policies typically have an Initial Exclusion Period (IEP) of 90–150 days, during which you can’t claim, and an excess period (set by you) before payouts begin in the event of a claim.

Some policies include optional add-ons like career support or training to help you get back to work faster — worth considering before you buy!

Key Benefits of Redundancy Protection Insurance

Redundancy protection insurance offers many different benefits — most obviously, the actual benefit payment we make out to you if you lose your job. But that’s not the only pertk that comes with redundancy protection insurance. There’s also:
  • Financial stability while you’re unemployed
  • Coverage for essential expenses (including your grocery shop or rent)
  • Peace of mind for you and your family during what’s otherwise a very stressful experience
  • Coverage customised by you, including benefit amounts, benefit periods, and IEPs selectable by you at purchase
  • The flexibility to find the job that’s perfect for you

How does redundancy protection insurance actually work? Eligibility Criteria for Redundancy Protection Insurance

You’ll be eligible for redundancy protection insurance coverage if you:
  • Are between the ages of 18–64
  • Reside permanently in the UK
  • Have been in permanent, continuous employment with the same employer for the last six months, working more than 16 hours a week
  • Are not self-employed, a contract worker, or an agency worker
  • Are not subject to any kind of disciplinary action or ongoing enquiry by your employer
  • Are not aware of any circumstances that might lead to you either becoming unemployed or a carer
  • Are not currently off work or working reduced hours because of ill health

Secure Your Coverage in Minutes!

Several factors can affect how much your income protection insurance costs, including:

If you want an accurate estimate for what an income protection policy tailored to you might cost, it’s worth contacting a broker directly. You can give Best Insurance a call on 0330 330 9465 to get a quote today!

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Rated 4.8 stars
(1418 Reviews)

Rated 4.8 stars