Redundancy cover is an insurance you buy to ensure you still receive an income if unemployment causes you to lose your income for a period of time.

Redundancy cover comes under the umbrella of Accident, Sickness and Unemployment Insurance (ASU), better known as Payment Protection Insurance.

This is one cover that few people think about taking, preferring instead to concentrate on Home Insurance, or Travel Insurance. However if you were to suddenly lose your job, only redundancy cover could give you sufficient income to keep up your mortgage repayments.

Ant Insurance sell competitive and very robust redundancy cover either as Mortgage Payment Protection or Income Payment Protection. The monthly payments can be paid for up to 12 consecutive months for each individual claim giving you time to find new employment. Ant Insurance’s redundancy cover can protect up to 60% of your net monthly income to a maximum of £2000 per month benefit.

It is important to get redundancy cover when you don’t actually need it. If you wait until you do the exclusion clause within all payment protection policies may disallow your claim if you knew about possible redundancy either prior to taking out the mortgage or within an allocated “initial exclusion” time frame from the start date of the policy. And Insurance have the shortest exclusion period of just 90 days.