Does income protection insurance cover dismissal and redundancy?

BrettMorganxD

As I am saving for a house, I am seriously considering taking out mortgage protection insurance. Does this coverdismissal and redundancy also is there a company what will cover my whole net wage? i did a few quotes and most only cover 50% of ur salary.

BrettMorganxD

if it does not cover most things i may just put the £38 in an emergency account as my job is unlikley to end

ACG

ASU/MPPI would cover short term sickness (12 or 24 months) and Unemployment.

Income Protection would cover long term sickness (until chosen retirement age) but not unemployment.

Nothing will cover dismissal.

Also be careful with the unemployment section, some will only cover compulsary redundancy. To give you an example, i was made redundant last year. I had the option of a lower paid job or to leave....i chose to leave. A lot of redundancy policies would not have paid me out because it wasnt compulsary redundancy.

InsideInsurance

An ASU policy covers unemployment but it will depend on the reason for dismissal. All/most will not cover dismissal for gross miss conduct but there are certainly some that will cover other reasons for dismissal

LifeAssure1369

InsideInsurance,

Can you advise what senarios an insure would pay out upon dismissal. My answer would have been that the policy would never pay out in this event. A redundancy policy is to cover redundancy and not dismissal surely.