You may not have considered redundancy protection to be important whilst you were safe in your job. However, redundancy is now a fact of this prevailing economic climate so redundancy protection is more important than ever.

Redundancy protection will allow you to protect a percentage of your monthly income that could then be paid to you on a monthly basis for up to 12 months should you lose your income through unemployment.

The best time to get redundancy protection is when you don’t need it. If you wait until you do to get redundancy protection then the main exclusion clause of these policies “you must not be aware of impending redundancy before the start date of within the exclusion period”. The exclusion period is a set time following the start date and could well ensure that you are not covered when you need it most.

Ant Insurance provide redundancy protection as an Income Payment Protection or Mortgage Payment Protection. They offer very small cost premiums but exceptionally strong cover. As an example the “exclusion period” on their redundancy cover is just 60 days whereas other providers can go up to 180 days.

Redundancy protection could ensure that should you lose your income through unemployment you can continue to pay your mortgage and keep up your other monthly bills until you can find work again.