This page is about redundancy insurance - accident and sickness protection for UK residents e.g. for mortgage

The need for redundancy insurance protection

If you have regular monthly expenses you need redundancy insurance. If you have a mortgage or other loan (especially secured on property) you definitely need redundancy protection insurance. What you may not realise, however is that even without any loans you need redundancy insurance cover because you have other ongoing expenses e.g. credit cards, gas and electricity bills etc which must be paid. The advantage of our products are that it is NOT a requirement that you have any loan before you can take out the policy. In fact you may find it better to cancel your existing policy with your lender!

Types of redundancy insurance 

There are three forms of redundancy insurance protection

• Mortgage protection  - designed to pay your mortgage payments in the event of your redundancy - this insurance policy can often be extended to include mortgage-related bills - such as endowments, life and buildings/ contents. The basic sum insured is normally paid direct to your mortgage lender so does not count as income.

• Income protection  - designed to provide additional cover in the event of your redundancy - this insurance contract pays direct to you and may be counted as income should you be close to income support.

• Loan Protection  - designed to cover your loan repayments - this redundancy insurance policy is normally arranged for a specific period and could include life and critical illness as well as accident and sickness cover.

• Combined - we can now offer redundancy insurance to cover both mortgage and your income on one policy.

For our redundancy insurance options (including immediate quotes and online application) Click Here

Redundancy Insurance at Portwood's

We offer all three forms of redundancy insurance - If you click here for a summary of our redundancy insurance products a new window will open. Below is a summary of terms to help you decide which redundancy insurance policy is most suitable for your demands and needs.

• Benefit Period - the period for which benefits will be paid - usually 12 months 

• Excess Period - the period after suffering redundancy when an insurance benefit will not be paid. Most mortgage protection  policies by default have no excess period, but one may be taken as an option to reduce the premium. We do not normally recommend a long excess period as repossession proceedings may commence after 3 missed payments.

• Initial Exclusion Period - the period from when the redundancy insurance policy is first taken out when a claim for redundancy will NOT be paid if the notification of redundancy occurs - even if the actual redundancy date is later. For income protection and loan protection policies this period is often 90 or 120 days but for new mortgages, re-mortgages or transfer from an existing mortgage protection scheme the period is much less - or may be waived altogether.

• Income protection insurance | Mortgage protection insurance | Accident sickness unemployment insurance

• If you would like further information about our wide range of other insurance policies then the best place to start is our home page. Click Here and it will open in a new page.

B. Portwood & Co Ltd aim to provide the insurance UK residents deserve

Full list of redundancy insurance related pages

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Remember that we are brokers and can offer advice on redundancy insurance, if you call us on 0844 8262616 on the payment protection policies we can offer - such as mortgage protection, loan protection or just income protection.