A new insurance product allows you to insure against a pay cut.
Salary gap insurance from Salisbury Underwriting Service, covers people who are made redundant and then find a new job at a lower salary.
The policy is only activated when you have found a new job, and pays out the difference between your old wages and your new wages.
You are not required to look for work of a similar nature to your previous job, or even to take full-time employment.
Income protection insurance: News update: 19/08/2009