do any 'redundancy insurers' offer protection AFTER company announces cut backs?

longwalks1

i know its a long shot, but do any companies that offer redundancy insurance offer it even once redundancies have been announced?

Heres hoping

FinAdv

Hi britishboy,

Unfortunatey there aren't any companies from my experience that would offer redundancy cover once a formal notice is given either in written or verbal. Why would a company pay you knowing that you are going to made redundant soon? In fact alot of companies have exclusion for some period and wouldn't pay if you were to become redundant within 2-3 months of taking out the policy even if you didn't know about the redundancy. So you can forget about company paying you if it was already known.

SKJ28

Most insurance companies only insure if you have been in continuous employment over 16 hours per week, for at least 3-6 months.

As far as I know, if you were aware of any impending redundancies it would invalidate the claim.

Has it been officially announced? If not, could be worth making further enquiries.

longwalks1

Cheers people

FinAdv, I pretty much knew that'd be the answer, guess I was just hoping......

SKJ28
When you say 'announced', do you mean to the general public, the press? We have known about it in work for a while, but not read anything about it in the press yet :T How do insurers check to see if redundancies have been announced? Phone your company direct? Internet? Just wondering...

Thanks again

SKJ28

I think that if you make a claim, you have to declare that you were unaware of any impending redundancies. In my experience, I had to get a letter from my employer confirming all details regarding redundancies, dates, etc, then it was checked upon by the insurance company. Even then I still had the impression they didn't want to pay out!