Work Absence / Redundancy Insurance

FrancisBegbie

Hi,

I a single, living on my own and have no mortgage and bills.

I work full time and don't get sick pay.

Is there an insurance I should get to cover if I'm off sick or made redundant?

Thanks

El_Torro

You certainly can, many people do. If you do get some sort of insurance make sure you are happy with the scenarios where you wouldn't get anything.

In my own situation I rely on my emergency fund and investments that are not in a pension.

luci

https://forums.moneysavingexpert.com/discussion/6656477/work-absence-redundancy-insurance

You could self insure or use savings if you have any. If you find out the premiums for the type of insurance you're looking for, you could save that in a separate account should you need it. Obviously that will take a while to build up, but it would be one of your emergency funds. The other being for things like unexpected boiler or car repairs.

Woodstok2000

Can you tell the rest of us how you're managing to have no bills?!?

user1977

https://forums.moneysavingexpert.com/discussion/comment/81895169#Comment_81895169

I suspect a typo, given they had a mortgage a couple of weeks ago (though their posting history is somewhat inconsistent…)

elsien

Do you not get statutory sick pay?

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/6656477/work-absence-redundancy-insurance

ASU, also known as PPI is the basic product that covers accident, sickness and redundancy. Its two main problems are its an annual policy so prices can change or not be renewed any year and secondly they only pay out 1-2 years maximum so if its a serious illness it may leave you very short.

You can get a full fat version, typically sold as Income Protection these days (though ASU can also be called this) but it doesnt cover redundancy. It does however payout for as long as you are too sick to work up to your retirement age. Its also a form of long term insurance so the insurer can't cancel it on a whim and you can lock in your premiums such that they won't escalate as you get older or if there is another pandemic. You can add the "U" part of ASU to some of these policies but it remains a short term cover not until your retirement age