uncertain times

resi

dear all
I am new to this so I hope to explain myself clearly enough.
I work for a large charity however we live in an uncertain times, our area budget has got a huge black hole and walls speak.
even though we have not been told anything, i fear there will be some re-organisation soon and jobs will go.

This is just observations i have concluded from observations and no advice has been given to us form HR of any kind (the silence is a worry too). I am a union member too.

I would like to protect my current income so that i can continue to afford my mortgage and quality of life.
I currently earn £24000 a year and have been with this employer since March 2010 as a head of department manager.

yes, i think some kind of insurance but i have had a look online and surprise - I am confused.

could someone offer some advice?

many thanks, Resi

InsideInsurance

You can buy unemployment insurance either stand alone or as part of an ASU (accident sickness and unemployment) but you need to be careful that there is no argument that you may already be aware of potential redundancies as if there is then the insurance would be invalid for this occurrence.

OshayAway

This can be a tricky one as insurers offering unemployment cover vary in several ways. The most important areas for your consideration is the initial exclusion period (many are 180 days / 6 months but others as low as 60 days) and the other is what constitutes notification of possible restructuring / redundancy. Finally, they vary by how much cover you can have as a maximum.

Ideally, you want a short exclusion period where only formal notification you your specific role / department.

resi

OshayAway wrote: »

Ideally, you want a short exclusion period where only formal notification you your specific role / department.

Hi OshayAway - not sure what this means )

yes i want to get insurance before any official mention and even before i ask my line manager for reassurance - i don't care if then i have signed up for insurance i don't need but right now i want some peace of mind (ish)

does anyone recommend any providers?

thanks for replying!

McKneff

Be careful. The question on these forms is not

Are you under threat of redundancy

it is

Are you aware etc....

Read the question and answer truthfully.........

OshayAway

resi wrote: »

Hi OshayAway - not sure what this means )

yes i want to get insurance before any official mention and even before i ask my line manager for reassurance - i don't care if then i have signed up for insurance i don't need but right now i want some peace of mind (ish)

does anyone recommend any providers?

thanks for replying!

It means that some insurers will not offer cover if the company you work for has any intention of making redundancies regardless of any formal notification. Others, are much more lenient and relate to specific formal notification made to you / your department.

In either case, this refers to anything prior to policy start date AND during the initial exclusion period from the start date.

A good broker with access to several insurers (don't believe any that say they are whole of market for this type of cover) will be able to steer you in the right direction and prove these variations with policy wording.

I hope that's a bit clearer.

OshayAway

McKneff wrote: »

Be careful. The question on these forms is not

Are you under threat of redundancy

it is

Are you aware etc....

Read the question and answer truthfully.........

Good point but it does depend on the insurer, question wording and criteria vary.

InsideInsurance

The challenge is the balance of specific knowledge (ie you KNOW or should know that the charity is up against the wall, lost some big doner etc) -v- just the general knowledge that everyone is struggling at the moment and so its inevitable that charities will also be struggling

resi

InsideInsurance wrote: »

The challenge is the balance of specific knowledge (ie you KNOW or should know that the charity is up against the wall, lost some big doner etc) -v- just the general knowledge that everyone is struggling at the moment and so its inevitable that charities will also be struggling

the second is the case