Losing your job due to redundancy can be a stressful and uncertain time, especially when working for large multinational companies in Ireland’s tech and pharmaceutical sectors. With ongoing layoffs in US-based tech and pharmaceutical firms operating in Ireland, many employees face difficult questions about their financial future and insurance benefits.

One of the biggest concerns is what happens to their insurance benefits, including pensions, health insurance, dental coverage, and life insurance. Understanding your rights and taking the right steps early can help protect your financial security and well-being.

In this guide, we’ll cover what you need to know about your insurance benefits after redundancy, the steps you should take, and why speaking with an independent insurance broker like Dolmen Insurance can make all the difference.

What Do Irish Workers Do When Their US Tech or Pharmaceutical Company Announces Redundancies?

Over the past few years, Ireland has become a hub for tech giants and pharmaceutical companies, offering thousands of high-paying jobs. However, global economic challenges, US administration and regulation changes have led to major layoffs, affecting employees in companies like Meta, Google, Twitter, Amazon, and major pharmaceutical firms like Carelon and Phizer.

When these companies announce redundancies, employees must act quickly to secure their finances and insurance coverage. Many workers assume that their benefits will remain in place until they find new employment, but this is rarely the case.

Here’s what typically happens when a US-based multinational shuts down operations or reduces its workforce in Ireland:

• Your salary stops – Redundancy packages may provide temporary financial relief, but regular income ceases.

• Company-provided insurance benefits end – This includes health insurance, dental cover, life insurance, and pension contributions.

• You may be entitled to a redundancy package – Some companies offer enhanced redundancy packages, including extended health insurance for a limited period.

• You must decide what to do with your pension – Leaving your pension behind in the company scheme isn’t always the best choice.

Understanding each of these factors and taking proactive steps can help safeguard your financial well-being.

What Happens to Your Pension, Health, Dental, and Life Insurance?

After redundancy, one of the most pressing concerns is what happens to your company-sponsored benefits. Here’s a breakdown of the key policies affected and what you should do next.

1. Pension

Most multinational companies provide Defined Contribution (DC) pensions  meaning both you and your employer contribute to the fund. After redundancy, your contributions stop, and the employer no longer contributes.

What are your options?
✔️ Leave the pension where it is – This may be an option, but you’ll have no further control over investment decisions.
✔️ Transfer your pension to a new employer scheme – If you find a new job quickly, this could be beneficial.
✔️ Move your pension into a Personal Retirement Bond (PRB) – This allows you to manage your pension independently.
✔️ Transfer to a PRSA (Personal Retirement Savings Account) – A flexible option for managing your retirement savings.

A qualified financial advisor at Dolmen Insurance can help you make an informed decision about what’s best for your long-term financial security.

2. Health Insurance

Many US tech and pharma companies provide private health insurance as part of their benefits package. However, once you are made redundant, your coverage will typically end unless the company offers an extended period of cover.

What are your options?
✔️ Check if your employer is covering health insurance for a transition period.
✔️ Renew your policy privately – Continuing with the same insurer ensures no break in coverage.
✔️ Compare health insurance plans – An independent insurance broker can help you find the best policy.
✔️ Avoid lapses in cover – If you let your policy lapse, you may have to serve waiting periods again.

3. Life Insurance

Many multinational companies provide group life insurance (death-in-service benefit), which typically pays out four times your salary if you pass away while employed. However, this benefit usually ends when your employment contract ends.

What are your options?
✔️ Take out a personal life insurance policy to ensure continued financial protection for your family.
✔️ Consider an income protection policy to safeguard your earnings if you cannot work due to illness or injury.
✔️ Speak with an insurance broker to compare policies tailored to your needs.

Losing company-provided life insurance, can leave your loved ones financially vulnerable, so taking action early is crucial.

What Steps Should You Take?

If you’ve been made redundant, acting quickly will help secure your financial and insurance position. Here’s what you need to do:

Review your redundancy package – Understand exactly what benefits you are losing and any temporary extensions your employer may provide.
Contact your insurer – If you had company-provided insurance, speak with the provider to see if you can convert your policy to an individual plan.
Speak with a qualified financial advisor – A Dolmen Insurance expert can assess your pension, and life Insurance, ensuring you remain financially protected.
Compare insurance policies – Don’t assume your employer’s plan was the best option. An independent broker can find better value.
Act before policies lapse – Many insurance policies have waiting periods, so securing new coverage before a gap occurs is essential.

Why Dolmen Insurance Should Be Your First Port of Call

Navigating redundancy and insurance decisions can be overwhelming. That’s why working with an independent insurance broker like Dolmen Insurance is essential.

Why Choose Dolmen Insurance?

✔️ We offer expert advice – Our qualified financial advisors specialise in redundancy-related insurance planning.
✔️ We compare multiple providers – Unlike direct insurers, we search the entire market to find you the best policies.
✔️ We ensure you stay covered – We help prevent gaps in coverage that could leave you financially vulnerable.
✔️ We offer personalised solutions – Every redundancy situation is different, and we tailor our advice to your needs.

Don’t leave your financial future to chance. Contact Us  today and let us help you secure your benefits and financial well-being.

Redundancy isn't easy, but talking to us can help releave at least some of the burden

Being made redundant is never easy, but understanding what happens to your insurance benefits and taking the right steps can make all the difference.

• Your pension, and life insurance won’t continue automatically.

• Acting quickly ensures you don’t experience financial losses or coverage gaps.

• An independent broker like Dolmen Insurance can help you make informed decisions and secure the best insurance policies.

If you’ve recently been made redundant, now is the time to act. Let Dolmen Insurance guide you through this transition and secure your financial future.

Contact Us Today.