Question about unemployment insurance

thumbandit

I was thinking about taking out redundancy insurance, in the ts and cs it says the policy is invalid if you think you may be made redundant in the near future.

My question is ...

The company i work for is a company that has lots of companies under an umbrella company. One part of the business has been sold and will leave the umbrella in july. This may or maynot affect us could this circumstance invalidate the policy ?

The potential for redundancy is obviously always there no matter where you work but this may add a slight uncertainty.

Oh and we were told not to worry about redundancy and restructure .... but they could be just fobbing us off haha

Thanks

ACG

Unless you KNOW there is a chance then there should be no issue.
If your not under consultation and have been told your jobs are safe then there is no issues that i can see.

The other company has been sold, its not been closed - so their jobs are safe.... for the time being atleast but thats no concern of yours theyre now a different company.

thumbandit

thats what i thought but the other company being sold may have an income on the workload of our company, but they have also said they will be trying to reinvest the sale money

OshayAway

The application question wording and claim criteria does vary between providers, as does the initial exclusion period from policy start date to claim (typically 60 days to 180 days).

Some are much more strict than others so it would be worth seeking the help of a good broker who has access to several policies and can talk you through the variations.

thumbandit

if i call each company will they tell me or edge more on the side of caution

OshayAway

You can certainly ask those which offer a direct option.

Bear in mind though that many plans are only available through brokers.

ACG

Feel free to speak to the different companies. That what i would be doing, ask them if that is in writing or if theyre prepared to put it in writing if your not sure.

thumbandit

if i call and make a note of the time and date of the call, they will say they record it, if they say yes there will be recorded evidence of the conversation that can be referred back to

OshayAway

The initial exclusion period will be in the key facts document which will be readily available. They can send you a copy or quote it. The application questions will more likely need to be quoted as many now are electronic forms rather than paper forms.

kingstreet

Insurers have a list of industries they know to be making redundancies and this may extend into individual firms within a particular industry.

If your firm is on this list, the insurer may decline to offer terms.