Can I get insurance that covers me for my Salary in case I get the sack or get made redundant?

Question

I'm not interested in insurance for becoming sick or disabled - I want insurance incase I lose my job so that I can keep paying my mortgage etc while I look for work. Is this possible?

Answer 1

There is no insurance that you can get in case you get the sack other than unemployement insurance which is provided by the state. Your employer pays into the unemployement program.

Answer 2

Hi

You can buy disability insurance based on a percent of your monthly salary. You will never be able to buy 100 %, but you can get possibly 80% of your salary. If you are ill you will not be doing many of the things that would use your discretionary income, so you may not need 100% of your income. If you have some savings put away for emergencies you could even go lower than the 80% which would cost even less. Disability is the most important insurance you can own, after medical, but it's expensive. Buy it while you are younger because it is cheaper.