There have been a few articles recently in the press commenting on redundancy insurance providers pulling out of the market. Here’s a link to an article in the Independent -

An excerpt from this redundancy insurance article:

“The message is, if this is a product you need, buy it quickly”

Whilst insurance companies have removed themselves from the market or limited their exposure to certain aspects of cover, there is no short supply of redundancy insurance policies. What we are seeing is the ‘redundancy insurance’ only option being removed from many policies so that you have to buy the accident and sickness aspects of cover as well. Whilst you still have the redundancy insurance cover the insurance company gains a bit more premium from you just in case you claim.

The valid part of the argument is that there will be a steep rise in redundancy insurance claims very soon, with unemployment rising month on month. The worry about being made redundant and the uncertainty of some companies finances had led thousands of people to seek out and buy redundancy insurance for that extra peace of mind.