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#439113 - 24th Oct 2010 9:03pm Redundancy Insurance
LisaW Offline
Enthusiast

Registered: 31st Aug 2010
Posts: 163
Loc: Somewhere south of Watford
Can anyone suggest a good company to take out this type of insurance with.

I work for a Council and it's looking likely that there will be more redundancies coming up although my job is safe for a year or so due to the project we are working on

I have life insurance etc but never bothered with income protection as my Hubby is in a very secure job and i have been working for the Council for 11 years and have never had previous concerns about losing my job.

From quotes, i can get around 1k cover for 35 a month but if anyone could advise if that's a good price or if the insurance is worth it, i'd be grateful smile

Thanks

Lisa

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#439114 - 24th Oct 2010 9:08pm Re: Redundancy Insurance [Re: LisaW]
insanekitty Offline
Addict

Registered: 18th Mar 2009
Posts: 200
Loc: Woodchurch
You would have to be careful and make sure they pay out if your hubby is still working. As with any policy check the small print cos they will try and get out of paying if then could.
I claimed last year on my mortgage policy cos I signed on sick and I had to wait for 60 days then they paid out in 30 day arrears.

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#439116 - 24th Oct 2010 9:14pm Re: Redundancy Insurance [Re: insanekitty]
LisaW Offline
Enthusiast

Registered: 31st Aug 2010
Posts: 163
Loc: Somewhere south of Watford
Hi, thanks for the reply. The insurance would be for me to cover the loss of my income so could they still refuse to pay out if Hubby is working

I will get redundancy pay so i'm not sure if that will affect the insurance payout.

Grateful for the advice smile


Edited by LisaW (24th Oct 2010 9:16pm)

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#439121 - 24th Oct 2010 9:42pm Re: Redundancy Insurance [Re: LisaW]
Softy_Southerner Offline

Forum Guardian

Registered: 2nd May 2008
Posts: 4090
Loc: Back in Devon
In my experience if there's even a tiny inkling that you were pre warned that you were going to be made redundant then they will take your money but won't pay out when you try and claim

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#439124 - 24th Oct 2010 9:50pm Re: Redundancy Insurance [Re: Softy_Southerner]
LisaW Offline
Enthusiast

Registered: 31st Aug 2010
Posts: 163
Loc: Somewhere south of Watford
Hi, just to clarify, my department was restructured recently and we lost 2 Managers via voluntary early retirement so as things stand, my job is safe and i have not been told that there is any future risk of redundancy.

I'm just looking at playing it safe on the off chance that my department is reviewed again but as i mentioned in my OP, we are in the middle of a project to save the Council Millions in efficiences so we're not likely to be looked at again while we're reaching our targets.

Hope that makes sense, sorry to waffle smile


Edited by LisaW (24th Oct 2010 9:51pm)

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#439127 - 24th Oct 2010 10:12pm Re: Redundancy Insurance [Re: LisaW]
diggingdeeper Offline

Wiki Guardian

Registered: 9th Jul 2008
Posts: 9547
Loc: Birkenhead
If your reasonably confident then put the money away yourself in cash ISAs or whatever's on the market now, and hence hedge your bets instead.

You would be kicking yourself if that money went to an insurance you didn't claim on. And yes they can be very slippery when it comes to claim.

If you need more certainty/assurance then get an insurance policy, there is no correct answer it is just a matter of choice and you need to understand every word in the fine print.
_________________________
In a time of universal deceit - telling the truth is a revolutionary act. George Orwell

When the debate is lost, slander becomes the tool of the loser. Socrates

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#439129 - 24th Oct 2010 10:18pm Re: Redundancy Insurance [Re: diggingdeeper]
LisaW Offline
Enthusiast

Registered: 31st Aug 2010
Posts: 163
Loc: Somewhere south of Watford
Thanks for your replies.

I'll look into the quotes i've had tomorrow and will go over the fine print just to be on the safe side

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#439142 - 24th Oct 2010 11:17pm Re: Redundancy Insurance [Re: LisaW]
Nigel Offline

Wise One

Registered: 26th Mar 2010
Posts: 850
Loc: Wirral
Originally Posted By: LisaW
Thanks for your replies.

I'll look into the quotes i've had tomorrow and will go over the fine print just to be on the safe side



I have found that I have paid a small fortune in insurance premiums over the years. I have no children and I stopped the policies dead. You are better putting all that money to one side as DD says - hedge your bets, the first thing insurance companies look at in the event of a claim is "HOW TO GET OUT OF PAYING OUT!" Mark my words.
_________________________
O give thanks unto the LORD; for he is good; for his mercy endureth for ever ...

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#439145 - 24th Oct 2010 11:31pm Re: Redundancy Insurance [Re: Nigel]
Capt_America Offline
Forum Addict

Registered: 26th Jul 2008
Posts: 1498
Loc: Wallasey
With the job loses the government announced I would be surprised if any insurance company would touch you, and yes they would refuse to pay out because of the small print. The insurance would not pay out life cover when my wifes ex partner died suddenly, insurance is a scandal. See the topic in the motor section about renewal quotes. It's all a scandal, no wonder people try to screw the insurance when they have to claim for break ins etc.


Edited by Capt_America (24th Oct 2010 11:38pm)
Edit Reason: Too many ww's in screw, got excited!
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#439177 - 25th Oct 2010 12:23pm Re: Redundancy Insurance [Re: Softy_Southerner]
dexydoodle Offline
Beginner

Registered: 13th Mar 2010
Posts: 9
Loc: Wallasey
Originally Posted By: Softy_Southerner
In my experience if there's even a tiny inkling that you were pre warned that you were going to be made redundant then they will take your money but won't pay out when you try and claim


agree totally with this

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