Should I be getting redundancy insurance??

candice56

Hi there

Thanks for reading. Both me and my husband work in sales and whilst Im part of a small team he is part of a much bigger one and we are both feeling the effects of a 'careful spending culture'.

Im worried that his place will make him redundant and that we would be left with very few options for a new job.

Background: both individually tried to leave our trade 18 months ago but other employers/companies dont seem interested in us.

Should I take out a redundancy insurance to cover the mortgage etc?? I never looked before because jobs were always easy to come by even if the worst happened...... any help or advice would be much appreciated.

PS Il be off work from May on maternity so my wage will be gone too.

Dunvegan

If the company has made no threat or talk of redundancy then you are eligible to get it. If they have mentioned it, you are stuffed.

Given your position, I'd be looking to get it and soon.

FSexpert

candice56 wrote: »

Hi there

Thanks for reading. Both me and my husband work in sales and whilst Im part of a small team he is part of a much bigger one and we are both feeling the effects of a 'careful spending culture'.

Im worried that his place will make him redundant and that we would be left with very few options for a new job.

Background: both individually tried to leave our trade 18 months ago but other employers/companies dont seem interested in us.

Should I take out a redundancy insurance to cover the mortgage etc?? I never looked before because jobs were always easy to come by even if the worst happened...... any help or advice would be much appreciated.

PS Il be off work from May on maternity so my wage will be gone too.

Lifestyle insurance won't cover you for the period you are eligable for maternity. You can only submit a claim when you are also claiming for Job Seekers Allowance.

Lifestyle or unemployment insurance is a great thing to have in the current climate and if you are not aware of any possible redundancies (other than justified fear given the current climate you can take out a policy) however all policies have a qualifying period, usually 3 months - if you are put on notice of redundancy during this time they won't pay.

Google unemployment insurance and get some quotes, First Assist and AXA usually come out cheeper than the Post Office however it depends on your circumstsnces. You may also wish to consider consulting an IFA who would be able to arrange a tailored policy for you.