Possible redundancy, income protection and Jobseekers allowance

mannequin

I`ve been working for a major energy company for 4 years and on the 1st April of this year they were brought out by another company. This has led to the rumour mill being sent into overdrive, but nothing official has been announced and I`m not even sure any redundancies will be made.

There`s a big presentation with the new bosses on Monday, but as of yet I`m not sure what the subject matter will be. No doubt it will be about the future of the company and it seems like it might be about making cuts. I`m thinking of getting income protection as I am concerned about getting made redundant. I`m curious about a few things though.

Will my protection be valid as there are rumours about cuts already, and it states in the policy, if you know you are getting made redundant, then you will not be covered. It is only rumours at the mo. Hence, why I want to get covered now, before anything official is announced. I`m also thinking, if on Monday, the company state all jobs are safe etc, I could always cancel the insurance, what do you think?

How does income insurance intertwine with JSA? I have been working for ten years, so will I get contribution based JSA and still be able to get my income insurance for 6 months, and then after 6 months will it change to zero JSA, just only income insurance when my JSA will change to income based?

Thanks for your help.

McKneff

Too late my friend, you are aware that there may be redundancies,

They will ask you this on the form when you apply,

if you say no, you are committing fraud.

No question about it, especially as you say if it doesnt come about you will cancel it.

Tempting I know but very dishonest and criminal.
If caught you would never be able to get insurance for anythign ever again.

hcb42

but it is only rumour...the rumour mill is a funny thing, and it is not always right!

Problem is, once you go to the meeting on Monday, if it is right, THEN you are snookered

mannequin

hcb42 wrote: »

but it is only rumour...the rumour mill is a funny thing, and it is not always right!

Problem is, once you go to the meeting on Monday, if it is right, THEN you are snookered

That`s what I`m thinking. There`s no way I`d consider fraud or lies. I guess my best bet is to look at the application for the insurance and fill it in completely honestly, and if that means I won`t be covered so be it, I`ll cancel it or stop the application there and then.

There`s a 60 day delay, so if you`re made redundant in that time you cant claim, but the rumours are that it might happen till later on in year.

mannequin

McKneff wrote: »

Too late my friend, you are aware that there may be redundancies,

They will ask you this on the form when you apply,

if you say no, you are committing fraud.

No question about it, especially as you say if it doesnt come about you will cancel it.

Tempting I know but very dishonest and criminal.
If caught you would never be able to get insurance for anythign ever again.

I don`t get how its dishonest or criminal. I never said or considered fraud or dishonesty at all, and what`s wrong with cancelling something you don`t need?

McKneff

Well, Its your choice...............

Milkshock

absolute tosh from mckneff

for the mortgage protection companies purposes this means when were you first formally consulted - this should be a formal document issued a minimum of 15 days prior to any redundacies taking place. it could be a longer time frame depending on the numbers of employees affected.

a few rumours doing the rounds means nothing unless its formally issued.

mannequin

Thanks for your responses guys. It appears there will be redundancies afterall, but according the new boss they will go down the voluntary route first, so it means I am possibly at risk.

Anyway, I`ve been saving for about 6 months to move out of my parents house, and have been so excited about it, so obviously this news is a pain to hear. If I did move out next week, and got made redundant in a few months, would I definately be able to claim JSA? I`m not sure about how it all works.

Me and a friend are looking at places at the moment. I checked the LHA, I would be entitled upto £103.85 per week, living with him in a two bedroom place with the rent costing £115 per week. Would I be right in assuming they would pay for my half of the rent, which would be £57.50 per week, and my half of the council tax, or have I got this wrong? I`m 26 and and have been working for 10 years if that counts.

I`m a little concerned as I desperately want to move, but know it could be a long time away if I do get made redundant, whearas if I moved now, and on the off chance got made redundant, I`d have help, I think. Please advise, and please inform me if there is anything I need to be carfeul off