Redundancy Insurance Assistance

cazarol

Wonder if anyone can offer me any advice/comments on a dilemma I am in. I have worked for my employer for 21 years. This week a takeover offer was made and it is being recomended by the Board of Directors so will probably go ahead. It is an operating company and I work in the Admin section so in my opinion I think that the company making the offer will have excellent facilities for taking on the admin side of things and the operational sections will probably continue as they are. We have not been told anything as to how the take over will affect us as I dont think anyone knows. A question: As I have not been told that I am at risk of redundancy is there anything stopping me taking out an insurance against redundancy. If there is such a thing does anyone have any pointers on what I want to be looking for and where?
Look forward to any replys and Many thanks

MortgageMamma

If there has been no specific announcement of redundancies then no, there shouldnt be a problem you taking cover. see this thread for further details

http://forums.moneysavingexpert.com/showthread.html?t=219256

Astaroth

I personally would be slightly less optomistic than MortgageMamma.... I certainly know that some insurers would argue that at any take over there is a known risk of redundancy and as such you would have reasonably have known at inception that you could be made redundant

MortgageMamma

Astaroth wrote:

I personally would be slightly less optomistic than MortgageMamma.... I certainly know that some insurers would argue that at any take over there is a known risk of redundancy and as such you would have reasonably have known at inception that you could be made redundant

They could argue it but they would have a job to prove it if no official announcement had been made. The take over has not happened yet - I would get in the insurance in place asap.

cazarol

Thanks for the replys, I have just applied for some cover through Best Insurance when it asked am I aware of any restructure etc I have declared that the company has received a takeover offer so I will wait and see if they accept my proposal, fingers crossed.

ArchieB_2

I concur with Astorath, the chances of payout are slim to never. This is a typical exclusion - "We don't cover Unemployment which We reasonably believe You knew was likely to happen, whether You had official notice or not, when You took out Your Insurance."

It is easy to argue that the trigger to take out Unemployment cover is the takeover and as such that is good enough proof that you had 'prior knowledge'.

Supernova

Also do these policies have a claim ineligibility period such as 90 days from inception?