Compare our best Income protection insurance for redundancy

Compare redundancy insurance quotes so you could find a deal that could protect your income if you’re made redundant.

  • Get a quote in less than 5 minutes
  • Compare quotes from industry leading providers
  • Protect your income if you can't work because of an accident, sickness or redundancy
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Compare income protection insurance from leading providers

Our data experts check each company before we add them to our comparisons, so you can be sure that you only see results from genuine firms.

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How to get an income protection insurance quote

1

Enter your details

Get personalised quotes in minutes by providing a few details about yourself and the type of income protection you want.

2

Compare quotes

We search our database of leading providers and list the best deals to help you protect your income.

3

Apply and insure

Once you've reviewed the choices, pick the best income-protection insurance deal for you and apply.

Can you get redundancy insurance?

Not all income protection policies include redundancy insurance. However, UK insurers in this comparison do. Find the cover you need for the cheapest price by completing our quotes form.

When you purchase redundancy insurance, UK providers will often include clauses such as an exclusion period. Make sure to compare redundancy protection insurance from across the market. This way you can ensure you get the best price for your redundancy cover, while also getting the best level of protection.

What does redundancy cover include?

Each insurer lets you choose an income, but with the following restrictions:

  • Maximum cover: This is the highest percentage of your income an insurer will cover

  • Maximum benefit: This is the highest amount of income an insurer will cover

The maximum benefit can affect the percentage of cover you get, for example:

If you want to cover 60% of a £30,000 annual income (£18,000), but an insurer has a maximum benefit of £15,000, you can only cover 50% of your income.

Here is more information on income protection

What else is covered?

Most policies that include redundancy insurance also pay out if:

  • You are ill and cannot return to work

  • You get injured and cannot return to work

Whichever reason you have to claim on an income protection insurance policy, you could get an income for as long as you need it, up to the end of your policy.

Here is help deciding if you need income protection

When will it pay out?

This depends on what you choose when you apply for a policy. You usually get two options:

  • Have an income paid to you as soon as you become redundant

  • Defer your income payout for a fixed term, e.g. 12 or 24 months

If you choose a deferral period, your premiums are likely to be cheaper. Only do this if you can afford to replace your income until your policy starts paying out.

What cover do you need?

To decide what cover you need, think about:

  • How long you want a policy to pay you an income for

  • The percentage of your income you want covered

  • How much cover do you need?

Most insurers let you specify an amount or choose a percentage of your existing annual income, for example, 65% of your yearly salary.

Most insurers have an upper limit on the amount you can cover, for example, 65% of your income but capped at £40,000.

To help you decide how much income protection to choose, write a budget to work out which outgoings you need to cover.

Income protection cover for redundancy insurance FAQs

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What is income protection insurance?

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Should you get income protection?

If you couldn't work due to an accident, sickness or redundancy, you may need to support yourself financially for a long period of time. Here is how income protection could help.

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How to claim on income protection

If you have to stop working due to an accident, illness or redundancy, you should start your income protection claim as soon as possible. Here is what you need to do.

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Why compare income protection insurance with money.co.uk?

By comparing home insurance, you could save money on the policy. The best value income protection insurance will offer you the cover you need, at a price you can afford. Choose a cover plan from the best UK insurance companies and see the online discounts they offer.

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Last updated: 26 April, 2022