Redundancy insurance??

davecon1

Afternoon all

I've been working for the same company for 19 years and have heard rumours that the owners (now quite old) wish to sell up and retire.

Back in July i asked if there was any truth to the rumours but they were quite adamant that business would still continue.

Now, 5 months on and business has been tough the rumours are back except this time they are more guarded but say that they will continue to trade for another year as that's when the lease is due to expire.

Given the fact that I have not heard anything official but feel that the future is not rosy would it be possible to take out redundancy insurance?

I have never felt the need to have it before but am sure there must be a clause whereby it has to be a minimum amount of time before you can make a claim as well as other terms and conditions.

Any advice would be greatly appreciated.

somethingcorporate

Yes, it's income protection insurance. Have a google - it can be a worthy investment if your future is uncertain. It tends to pay a guaranteed amount for 12 months to cover any gaps in employment.

rising_from_the_ashes

As somthingcorporate says, have a hunt for Income Protection Insurance BUT you will need to check the T&Cs very carefully as you're right - there are always various clauses in them.

I have a policy - which I'm now stuck with (and unfortunately has increased in price quite a lot over the past couple of years) as there have already been redundancies where I work - meaning that if I moved to another provider it would be very unlikely I could claim for this as I cannot "reasonably" have not known about these redundancies.

So .... you'll need to think about how the rumours have been presented, has anything been written down anywhere, any articles in the local press, discussions with the work force etc - if so, then please triple check the T&Cs before signing up for any policy.

davecon1

thanks for the advice and quick replies.

Will look into it. Am wondering if they decide that you 'knew too much' if they would have to refund your premiums? if they refused to pay out.

I will say that business is the worst I've known it in recent years so I'm attempting to take steps to protect myself in the future.

rising_from_the_ashes

Difficult one - personally I wouldn't count on it but it would probably depend on what the T&Cs said as you will be deemed to have accepted them.

Most things now-a-days take you to a page with the full T&Cs when you sign up and you have to tick a box (or similar) to say that you've read them.