Redundancy protection insurance to protect your mortgage and income

Below you will find links that take you to the websites of some of the top providers of income and mortgage redundancy protection insurance.

We could add many more companies to this list but refuse to do so, we will only work with long standing companies as cheap insurance that doesn’t pay out is no better than no insurance at all.

Redundancy Protection does not add any fees or costs to the quotes.

Compare Mortgage and Income Protection Policies!

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  • We can also offer more choice and better value by comparing prices and benefits from all the major providers in one place and at one time.
  • Compare Mortgage and Income Protection Policies!

Compare Quote

The insurance quote you obtain via these links will be the same price as if you had visited their website directly. Redundancy Protection does not add any fees or costs to the quotes you obtain for mortgage and income protection via this service: You can purchase your redundancy insurance products with confidence.

If however you are only browsing and comparing costs for Unemployment Insurance at the present time, and you find one of our providers products possibly suitable please remember to use our web site when you wish to purchase. The insurance you purchase will not cost you any more than if you had applied directly, but we are paid a retainer by the providers for business generated by this site. This retainer enables us to maintain this comparison site and provide the telephone advice line, both of which we hope you and thousands of other people have found to be a useful resource.


Compare Mortgage and Income Protection Policies!
We can also offer more choice and better value by comparing prices and benefits from all the major providers in one place and at one time.

You may be concerned as to how will I or how can I protect my income and mortgage payments against unemployment redundancy or long term sickness especially if you are self employed or do not have suitable employee benefits.

Redundancy protection insurance plans are known by many names such as Redundancy protection insurance and Redundancy payment protection insurance; these are protection policies which can be used to protect your mortgage payments against redundancy or your rent loans and general expenses against the loss of income caused by unemployment resulting from involuntary redundancy or accident and sickness.

These policies can also be called mortgage protection insurance, mortgage payment protection insurance, unemployment protection insurance or accident sickness and unemployment insurance and they will typically pay you the set amount of tax free income that you insured against for up to a year or until you return back to work, whichever comes soonest. The income paid by these plans will provide a valuable safety net for you and your family if you are made redundant or if you are unable to work due to illness.

There has been a lot of bad press about these plans in recent years due to miss selling but this should not put you off protecting your families income by looking to compare redundancy insurance cover, as always there are good and bad policies out there and many people have received or are currently receiving valuable help from our redundancy protection insurance plans. In fact with the current state of the economy protecting your income from redundancy should be a priority, and choosing the right plan could not be easier as we only deal with reputable companies.

Plus we do not sell you a plan; we provide quotations and policy details to help you choose the policy that suits your own circumstances whether you are employed or self employed. And if you need help choosing the right plan to protect your income against redundancy we are only a phone call away.

 

Unemployment Insurance to protect your mortgage payments or your income should not be too expensive but be wary of very cheap cover, we only deal with companies that are long standing and have an excellent claims history. After all you need your unemployment insurance to pay out if you are unfortunate enough to be made redundant.

Mortgage Payment Protection Insurance (MPPI) or Income Payment Protection Insurance

With Mortgage Payment Protection cover or Income payment protection insurance some companies allow you to select unemployment only cover, which will give protection in case of redundancy, or if you have to leave your job and become a full time carer for a family member. Income payment protection insurance can be used cover mortgage payments, and you can also use it to pay your rent payments, utility bills or even just your general monthly spending.

You can also select an Accident and Sickness policy which will protect your income should you not be able to work due an accident or illness. Customers can also choose both Unemployment as well as Accident and Sickness cover.

FAQ’s

Q:I have recently requested mortgage payment protection with you (not yet had confirmation accepted) I am now also looking for redundancy cover to cover an unsecured loan, however I have not yet taken it out. Do I call you once the loan is in place?

A:  You can take cover out at any point in the loans lifetime. If you start the policy on the same day as the loan starts (day you get funds) then you will have full cover from the start. If you start the policy after the loan start date you will have a 90 day exclusion period on the unemployment part of the policy.

Q: Hi, I have read the income protection insurance policy doc but just wanted to clarify a couple of things with regards to just unemployment cover:
1) What is the minimum length of time for a contract? Is it rolling or 12 months? Could I have it for 6 months then cancel?
2) It says that if you are made redundant within 120 days of the start date you are ineligible for cover. So why would I be paying for the first 3 months if they do not cover me?
Thanks

A: Thank you for your email.

You are not tied into the income protection insurance for any length of time, the policy rolls on a monthly basis and you can cancel at any point.

The 120 exclusion period is in place to protect the policy from people who may be aware of redundancies and therefore quickly set up a policy to claim only a week later for example.The exclusion period is only on the unemployment and not the incapacity.

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Q: How long do I need to be unemployed before I can claim on redundancy insurance cover?

A: Thank you for your email.

When you lost your job you would register at the job centre, wait 30 days, during the 30 days you would make the underwriters aware that you may be claiming in the near future. On the 31st day you could put in your claim and it would go back to day one.

Please note there is an exclusion period at the beginning of the payment protection insurance policy on the unemployment part.

This can be waived if your transferring cover from another provider or you are starting the policy within 30 days of your mortgage completing.

 

Q:Hi, My fiancee and I are currently part way through the purchase of our first home. We are awaiting our completion date which will hopefully come any day now. We were wondering if we would be able to start a policy with yourselves for mortgage payment protection insurance or if we would need to wait for the sale to be completed. Please can you let us know so that we can get this underway as soon as possible. Thanks for your assistance,

A:  If you start your policy on the same day as your completion date then you will have full cover from the start. Otherwise there will be an exclusion period on the unemployment part of the policy. A policy cannot start before the mortgage has started.

Q: I have just become self employed after being employed in the same job for 20 years, am I still eligible for mortgage payment protection insurance cover for self employed people, as i think it is important to have redundancy insurance cover even though I am self employed?

A: As long as you have not registered as unemployed in the last six months you can certainly apply for the mortgage payment protection insurance.

However, please note that at the point of claim the underwriters would need evidence that the amount insured did not exceed 50% of your gross monthly income.

As a self-employed person we would only recommend that you take accident and sickness cover and the unemployment element of the policy would only cover you on a ‘cease to trade’ basis only.

 

In the current climate I am interested in taking out loan protection (to cover an existing loan and credit card payments) and also Income protection insurance.  Am I able to cover both of these at the same time? Or will I need two policies.  Many thanks

 

I have just filled in an application for mortgage payment protection insurance but after reading the policy details again I am not the main earner in our household can I do a joint policy or should we apply for two individual policies