income protection/PHI does not cover redundancy. As a PIBA broker I have access to this scheme but try at pains to point out the conditions attached (which they're are a fair amount) to a client and the fact that the company will only generally pay 12 months of a mortgage if a claim is made, before a client takes this cover. I much prefer clients to build up a redundancy emmergency fund and take out income protection instead. Does the OP know exactly what type of cover the builder provides for sickness? What % of wage they will pay if her partner is out of work? Worth finding this out before deciding on what cover to take.
Don't deal with insurety, so open to correction, but AFAIK there policies are a type of personal accident or MRPP policy. They only cover a certain amount for 12 months, so you can't really compare them to an Income protection policy.
I have just taken one out myself from them, its called income protection.
What they do is pay you 60% of your gross income or €3000, whichever the greater, each month for up to 2 years if unable to work due to accident, sickness or business failue / unemployment. You get all your premiums back if you remain claim free for 12 years. Theres also hospital cash and a lump sum for serious accident or death.
Seems good cover to me.
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