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Redundancy Insurance #439113
24th Oct 2010 8:03pm
24th Oct 2010 8:03pm
Joined: Aug 2010
Posts: 163
Bromborough
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LisaW Offline OP
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LisaW  Offline OP
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Bromborough
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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Re: Redundancy Insurance [Re: LisaW] #439114
24th Oct 2010 8:08pm
24th Oct 2010 8:08pm
Joined: Mar 2009
Posts: 200
Woodchurch
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insanekitty Offline
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insanekitty  Offline
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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.

Re: Redundancy Insurance [Re: insanekitty] #439116
24th Oct 2010 8:14pm
24th Oct 2010 8:14pm
Joined: Aug 2010
Posts: 163
Bromborough
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LisaW Offline OP
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LisaW  Offline OP
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Bromborough
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

Last edited by LisaW; 24th Oct 2010 8:16pm.
Re: Redundancy Insurance [Re: LisaW] #439121
24th Oct 2010 8:42pm
24th Oct 2010 8:42pm
Joined: May 2008
Posts: 4,114
Devon
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Softy_Southerner Offline

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Softy_Southerner  Offline

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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

Re: Redundancy Insurance [Re: Softy_Southerner] #439124
24th Oct 2010 8:50pm
24th Oct 2010 8:50pm
Joined: Aug 2010
Posts: 163
Bromborough
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LisaW Offline OP
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LisaW  Offline OP
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Bromborough
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

Last edited by LisaW; 24th Oct 2010 8:51pm.
Re: Redundancy Insurance [Re: LisaW] #439127
24th Oct 2010 9:12pm
24th Oct 2010 9:12pm
Joined: Jul 2008
Posts: 13,577
Birkenhead
diggingdeeper Offline

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diggingdeeper  Offline

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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.


The further you are down the pay scale, the more 'essential' you are when the s--- hits the fan... Sue Farbysmith 2020

Insults are engendered from vulgar minds, like toadstools from a dunghill - Charles Caleb Colton

We don't do charity in Germany, We pay taxes. Charity is a failure of governments' responsibilities - Henning Wehn
Re: Redundancy Insurance [Re: diggingdeeper] #439129
24th Oct 2010 9:18pm
24th Oct 2010 9:18pm
Joined: Aug 2010
Posts: 163
Bromborough
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LisaW Offline OP
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LisaW  Offline OP
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Bromborough
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


Re: Redundancy Insurance [Re: LisaW] #439142
24th Oct 2010 10:17pm
24th Oct 2010 10:17pm
Joined: Mar 2010
Posts: 851
Wirral
Nigel Offline

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Nigel  Offline

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Posts: 851
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 ...
Re: Redundancy Insurance [Re: Nigel] #439145
24th Oct 2010 10:31pm
24th Oct 2010 10:31pm
Joined: Jul 2008
Posts: 1,514
Wallasey
Capt_America Offline
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Capt_America  Offline
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Posts: 1,514
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.

Last edited by Capt_America; 24th Oct 2010 10:38pm. Reason: Too many ww's in screw, got excited!

See you in cyberspace!
Re: Redundancy Insurance [Re: Softy_Southerner] #439177
25th Oct 2010 11:23am
25th Oct 2010 11:23am
Joined: Mar 2010
Posts: 9
Wallasey
D
dexydoodle Offline
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dexydoodle  Offline
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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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