Published 5 November 2013 · Last reviewed 1 May 2026
Legal & General ‘Lifetsyle’ Redundancy Cover Reviewed
Loosing your job is a scary thought for most employees so protecting your income through redundancy cover is an excellent idea. This is even more important if you have taken on a large credit commitment such as a mortgage or loan.
In recent years taking out unemployment cover has been an expensive exercise and those who chose to do it have hefty premiums. Why, well jobs were being lost left right and centre and the intensity of claims pushed the prices sky high.
About eighteen months ago a new product was launched by Legal and General to address this issue. Aimed at employees who have been with their employer for at least 6 months it can protect a monthly income of up to £5,000 for a 12 month period.
It has quickly captured market share and now boasts about 70% of the total short term income protection market.
The cheapest premiums for the product are available via Specialist Insurance Brokers such as Niche Advice.
Examples of cost for redundancy cover only
Based on a single applicant in the W1 postcode. 60 day deferral period. Prices current as at 4th November 2013.
This is to give an indication of price, all quotations are client specific.
DISCLAIMER
The views reflected herein are personal to Richard Stokes, and are not necessarily shared by Niche Advice Limited. The rates quotes are to give an indication of price, all quotations are client specific.