Redundancy insurance questions and answers.

Please note that the above redundancy insurance button will refer you to an external site, British Insurance Ltd. This is a company specialising in redundancy and in no way a part of LifeBrokers.

Redundancy Insurance questions and answers

Why might I need Redundancy Insurance?

Consider these statistics: currently 90 families a day are having their homes repossessed, the majority due to the financial problems associated with unemployment. One in three people aged between 25-34 have experienced unemployment for a period in excess of one month. Almost one in five working age households (3.4 million) have someone who is currently unemployed. Today in Britain there are nearly 1,000,000 people who are registered as unemployed. Every day 500 people in the UK become unemployed. 60% of unemployed men and 45% of unemployed women will be out of work for six months or more.

Who can apply for Redundancy Insurance?

The terms of individual Redundancy insurance policies vary but generally, you can apply for Redundancy insurance if you are aged between 18 and 64 and are permanently resident and working within the UK, Channel Islands or Isle of Man and eligible to receive Jobseeker's Allowance. You can be either self employed or employed, but not in temporary or seasonal employment. You'll also need to be in good health and know of no impending disability.

Can I still claim state benefits with Redundancy Insurance?

With most redundancy insurance policies, you need to be permanently unemployed for a certain period until you receive your redundancy insurance payments, usually from between 30 to 60 days. In this interim period, you can apply for unemployment benefits, as you will not be receiving an income from your redundancy insurance.