Help with redundancy

efesbaby

Hi,

I have been going throught the consultation period at work, and someone told me today to take a redundany policy out. IS this still ok and would it pay out , if i was made redundant at the end of September?
Any help would be appreciated
Many Thanks

debtworrier

efesbaby wrote: »

Hi,

I have been going throught the consultation period at work, and someone told me today to take a redundany policy out. IS this still ok and would it pay out , if i was made redundant at the end of September?
Any help would be appreciated
Many Thanks

Usually when taking out any form of insurance, it's invalid if you already know in advance that you're going to have to claim.

Grovester_2

most income protection plans have an excess period. The more expensive ones don't but all say something along the lines of

Awareness, knowledge or notification of unemployment prior to the start date or within 120 days from the start date of the policy.

As you are in the consultation period it could be argued either way. You've not been told YOU will be made redundant but you are aware of them. Only way to be sure is to call a few providers.