Penny, There are two main varieties of insurance for this sort of thing. One is normally sold by Life Insurance styled companies, and it involves a medical, personal underwriting and very substantial premiums, but the payout would be potentially up until retirement in the event of loss of income and a succesful claim. I can't really comment on that product as I've no intimate knowledge of it. The most commonly sold is normally called "income protection" (IP), and it works a lot like Mortgage payment protection insurance (MPPI) in that you pay monthly premiums which are a percentage of the monthly benefit you are covering yourself for (normally the maximum would be about 60% of gross monthly income). You would be covered in the event of losing your job through sickness or redundancy or a combination of the two, but to find redundancy only cover is rare and if you can find it the price difference between that and both that and sickness will be negligible. Subject to terms and conditions you would then be entitled to claim for up to a set period (normally a maximum of 12 months but between 3 and 24 months is common). Until I was made redundant in December (yes, haha, made redundant from the redundancy protection insurance industry - actually it happened to me 3 times) I worked in the industry supplying this type of insurance for 8 years, so I can answer most questions about it. If that's the type of insurance you're asking about, I'll be happy to elaborate further.

Entire Thread

Topic	Date Posted	Posted By
Redundancy Insurance	20/03/09 12:16:00	Penny Crocker
Re:Redundancy Insurance	25/03/09 18:41:00	Andy Jones
Re:Redundancy Insurance	16/04/09 20:35:00	Max Duley
Re:Re:Redundancy Insurance	17/04/09 09:30:00	Penny Crocker
Re:Re:Re:Redundancy Insurance	17/04/09 11:07:00	Max Duley
Re:Re:Re:Re:Redundancy Insurance	17/04/09 11:19:00	Penny Crocker

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