Proactive for redundancy

stickybaker

Hi, this is my 1st time posting, & would appreciate some advice...

I work for a leading music retailer, and as I'm sure many have heard through the media the company is experiencing tough retailing conditions, they have already taken the steps to announce closures of up to 60 of their stores across the country.

I am not aware that the store in which I am employed will be closed, however I wish to be as pro-active as possible to prepare for the worst-case scenario, and am considering the option of taking out MPPI to cover my mortgage repayments in the event I would be made redundant in the future.

What I would like to know,..is this possible at this stage to take it out? making allowances for initial qualifying periods of insurance, or would the MPPI companies "not touch me with a bargepole" given the media interest in the company? If I did take it out, would they void it on the basis that I had an idea I might have to make a claim? Is there anything else I can do to prepare for the worst?
Your thoughts please...thanks..

jazzyman01

It his highly unlikely that they will agree to cover you with the announcement imminent.

Even if your store is not affected - and this was to be known - they are likely to make it a condition that you would not receive any payments if your were to be made redundant within xxx months.