Redundancy insurance is another name for income protection. Many of these policies will offer you a monthly payment if you are made redundant from your job. There are always specific terms here. For example, you usually cannot take out a policy if you believe that your job is under threat or if you are going through a consultation process.
There is almost always a period of time that must elapse before you can claim. Again, you pay for a defined benefit each month and must keep up your payments in other to keep the policy active and valid.