Redundancy insurance (UK)?

Question

Can anyone tell me what companies in the UK will insure me against redundancy? I have been in my job for 12 years, and have no reason to suspect that this will change, but I am planning to increase my mortgage for an extension, and want to buy some peace of mind. Thanks.

Answer 1

I could be wrong, but my understanding is that this is something that is offered by financial organisations with specific regard to their products, as opposed to a general insurance payment.

For example, your mortgage lender should offer an insurance option to cover your mortgage should you be unable to pay it.  Or your credit card company should be able to offer insurance in case you cannot pay your card off.

So you really need to speak to your bank or building society about this.

Answer 2

There is nothing called redundancy insurance, if you to be made redundant, then you will be paid according to the years of service you have done for the company, some companies pay 2 weeks on every year you had worked for them, some pay less and some more it all depends on the size of the company, you can ask in the HR they will be give all information you need, I would think twice before taking a bigger mortgage, I've been there, goodluck.

Answer 3

try http://www.portwood.co.uk/asuone.htm - a couple of links there to provide online quotes for mortgage payment protection insurance where unemplyment/ redundancy cover is all you need.