If you lose your job, redundancy insurance is one way to secure a regular income to replace your lost wages. After a deferral period, you’ll receive a tax-free income to cover your monthly outgoings. Payments typically last up to a year. More comprehensive accident, sickness and unemployment insurance plans also cover redundancy.
It’s worth remembering that ASU won’t cover you if you take voluntary redundancy, and it won’t pay out if you’re fired for misconduct.