unemployment insurance

aah

Hi my bank are trying to sell me unemployment insurance, hsbc life choices.

It will pay out if I am made redundant after 60 or 120 days of policyholding.

I don't know what this means. Does it mean 60 or 120 days after getting an "at risk" notice ,or 60/120 days after boss has told us there will be redundancies OR 60/120 days of formal consultation....

This is crucial to me so please please advise.

Many thanks
aah

aah

thanks for that - can I please ask, how do you know? Do you work for hsbc, or do you deal with the claims....

grogdog

why did you not ask hsbc if you didnt know rather than asking here and then querying the response.

Rolandtheroadie

Like all insurance, if you make a claim, they will investigate whether or not to pay out.
If they can prove you were aware of the possibility that you could be paid off/made redundant/be unable to work they wont pay out.

Another reason I dont take these insurances out is if I break my leg, i could be in plaster for 6 to 8 weeks (56 days). Will you be without a job for 120 days? 4 months? or even 2 months.
To get it back to day 1 will cost extra. (At least it did in 2000)

Rolandtheroadie

ldavies wrote: »

I uesd to think the same about all insurances until my mum died 4 years ago leaving my brother and myself with nearly 40k of mortgage debt and other stuff with no life cover!

Since then, we are practically insured to the hilt as I would hate to leave my children in a similar predicament.

I had to have a hysterectomy in march( in only 32!!) and was off work for ages.. they paid out and backdated to day 1 even though I had sick pay from work.. covered all the mortgage not just "my half".

I work in a bank and the amount of people I see on a daily basis to whom I had spoken to about unemployment protection and they declined to take advice and who are now up creek, no paddle senario, is scary.. there have even been a cpl of people putting in complaints that they were not told about these policies and are trying to claim!!!!!!!!! truely unbelievable!!!

Most policies backdate to day 1 as standard though I know that there are a few that do not.

I will concede, I took out joint life insurance a couple of weeks ago. We have 2 kids and twins due to be delivered by casarian on 16th January. I've also recently got into motorbikes.
I'm already well covered through my work with lump sums and dependants pensions but the wife isn't.
My work pays full wages for 6 months in the event of sickness, half wages for 6 months thereafter. My employment is recessionproof and I will only be out of work if I got sacked (so the policy wouldnt pay out anyway).

Rolandtheroadie

ldavies wrote: »

thought i would give you your 100th thanks as a christmas pressie!!!

aawwwwww good luck with the twins!!!!!

Thankyou. Here's hoping they come naturally at 0001 on 1st Jan (all the sponsorships from baby companies) but failing that, 16th will do fine.

Rolandtheroadie

eldest is 12, youngest 3. We decided on a 3rd but have ended up with a 4th too lol.

Rolandtheroadie

Going with the scan predictions, they're sitting about 5.4 lbs each. They can even see hair on their heads via the scans.
That'll be us with 4 boys.

Rolandtheroadie

Finlay and Thomas seem most likely. I wanted max and paddy but i've been overruled.

Prudent

Many congrats on the twins:) Just curious to know what line of work is recession proof?

Rolandtheroadie

Prudent wrote: »

Many congrats on the twins:) Just curious to know what line of work is recession proof?

Working for Networkrail trackside. Through years of underinvestment, we're already cut to the bone and short staffed. They cannot possibly cut any more jobs at our level.