Redundancy Insurance

homedks1

Is it still possible to buy redundancy insurance?  In other words, pay a premium and in the event I am made redundant I make a claim and my salary is protected for a period ?

dunstonh

It is still possible to buy PPI but you can count the providers on one hand.

Sandtree

This is the cut down version of PPI/ASU - certainly a few months ago almost every provider had stopped writing new business on ASU or reduced it to AS and therefore dropped the unemployment section. Those that were offering renewal terms still had all massively ramped up the premiums.

Ultimately the only way to tell is to check, PPI is normally sold as an unadvised sale and so the aggregators like Compare Redundancy Insurance | comparethemarket.com can show you whats out there at the moment, though some may only show the full ASU product and call it income protection.

homedks1

Thanks for the replies - when i check aggregators it says

"Unfortunately, unemployment cover is currently unavailable due to the coronavirus outbreak. Our trusted partner, Assured Futures, will contact you when this cover becomes available again."

So I assume they are no longer being offered - or where would I find them if they are ?

Thanks

dunstonh

"Unfortunately, unemployment cover is currently unavailable due to the coronavirus outbreak. Our trusted partner, Assured Futures, will contact you when this cover becomes available again."

That means they are only offering one product provider.   It is available elsewhere

csgohan4

I would rather buy income protection to be honest. Least I am not at the mercy of the insurers and having to ramp premium every year or worse, cover stopped