I think i'm going to be made redundant, are there any policies i should take out.....
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I think i'm going to be made redundant, are there any policies i should take out.....
....before its official. At the moment its only a "feeling", but a strong one at that.
Dont have a mortgage, but what about unemployment insurance?
Dont have a mortgage, but what about unemployment insurance?
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Regarding Trouts comment, surely in todays climate everyone thinks they may be made redundant, so is it all invalid. I havent been told, or given any indication, but it may happen.
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Surely this(insurance issue) is a reactive action?
Whenever faced with this issue (several times now), I try and adopt a proactive attitude - go looking for another job.
Just in case Plan B needs to take place.
I consider it just giving myself options.
Either way good luck
Dan
Whenever faced with this issue (several times now), I try and adopt a proactive attitude - go looking for another job.
Just in case Plan B needs to take place.
I consider it just giving myself options.
Either way good luck
Dan
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#8
I took out insurance with Halifax a few years ago. Couldn't claim for 3 months. Got made redundant 5 months later. Cost £80 a month - pays out £1400 a month for 2 years.
If I was you - I'd take it out ASAP...
And work hard.
If I was you - I'd take it out ASAP...
And work hard.
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My point is that if you 'think' you are to be made redundant; take out insurance today and get made redundant next Friday it will not pay anything. The moratorium is based on when you are actually made redundant - but if you think it is imminent it could well be too late.
Based on what my comment he has checked the moratorium and it is between three and four months - better than I expected.
It is up the OP as to whether it is worthwhile.
Based on what my comment he has checked the moratorium and it is between three and four months - better than I expected.
It is up the OP as to whether it is worthwhile.
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My point is that if you 'think' you are to be made redundant; take out insurance today and get made redundant next Friday it will not pay anything. The moratorium is based on when you are actually made redundant - but if you think it is imminent it could well be too late.
Based on what my comment he has checked the moratorium and it is between three and four months - better than I expected.
It is up the OP as to whether it is worthwhile.
Based on what my comment he has checked the moratorium and it is between three and four months - better than I expected.
It is up the OP as to whether it is worthwhile.
#13
I could see the signs at work a couple of months before it happened. I took out income protection which paid out after 3 months. 4 months later it was officially announced.
I called the insurance company and started the process, no problems from them. As it happened I found a job after 1 week of being unemployed, so never actually proceeded with the claim.
I'd say take it out asap. See what clauses there are. If you are lucky it may just kick in after you are officially made redundant. Also I had a policy I could cancel at at time (ie it was not a fixed 12 month policy). So the worse that could have happened is that I paid out a couple of months of insurance (ie before the 3 month moratorium).
I'd call it a gamble rather than insurance.
I called the insurance company and started the process, no problems from them. As it happened I found a job after 1 week of being unemployed, so never actually proceeded with the claim.
I'd say take it out asap. See what clauses there are. If you are lucky it may just kick in after you are officially made redundant. Also I had a policy I could cancel at at time (ie it was not a fixed 12 month policy). So the worse that could have happened is that I paid out a couple of months of insurance (ie before the 3 month moratorium).
I'd call it a gamble rather than insurance.
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