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?

I think it might be too late. If you take out insurance I am pretty sure there will be a moratorium before you can claim - six months is my guess.

It's a bit like trying to take out life insurance when you think you have cancer - can't do it.

Just been looking into it, its four months. May not last that long.

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.

why not, when you just "think" you have

I went through that last year and my advice is join the union

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

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.

Hope your feelings are wrong Paulr, not a good thing to happen these days.

Les

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.

Id say it would be worth the 3 months premium and try and hang on as long as poss. If you dont get the payout, its only 3 months worth.

i pay £24 to cover £500 a month , helps me relax a little if thing ever did go tits up

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.

Premiums must have risen sharply surely?

Especially for policeman with over 30 years service and over paid council workers!

dl