Redundancy Insurance

mrehman74

I wanted to ask whether anyone has had experience with redundancy insurance, companies which provide such insurance, and any recommendations/ things to look for, or beware of when selecting one.

Regards,
Mahboob

clarejep

I have mine with Best Insurance, good price, they paid out when I was made redundant no problems. Things to watch out for are the waiting period and that you have no knowledge of any redundancies in your company when you take out the insurance.

mrehman74

Thanks for your advice Clare.

What is confusing me is what exactly constitutes 'prior knowledge of any redundancies in company'.
I know that the company has made people redundant in recent past, and may do that in future, but certainly no way of knowing whether I will be made redundant. Does that count as 'prior knowledge'?

clarejep

When I did mine it asked if I was aware of anything for example if a consultation period had been annonced or if I had been told my job may be at risk. It had to be something official not just rumours! Hope that helps.