Redhead in undies prepared to get covered (7)
I believe the answer is:
insured
'covered' is the definition.
(covered by insurance)
'redhead in undies prepared' is the wordplay.
'redhead' becomes 'r' (the head/first letter of 'red').
'in' indicates putting letters inside.
'prepared' is an anagram indicator.
'undies' anagrammed gives 'insued'.
'r' placed inside 'insued' is 'INSURED'.
'to get' is the link.
(Other definitions for insured that I've seen before include "Covered for loss" , "Covered for losses" , "Covered against mishaps" , "Covered, maybe against damage to 23 ..." , "Financially covered" .)