Forums Forums Wirral Information Jobs - Training Redundancy Insurance

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

Thanks

Lisa

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.

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

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

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

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.

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.

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.

agree totally with this