Redundancy/Unemployment Insurance

Allworknoplay1

Hey, looking for some advice, has anyone used redundancy insurance or unemployment insurance?

Currently in a job where it is very likely the axe may fall, is it worthwhile taking out a policy like this?

Who do you recommend, haven't seen this type of policy on the MSE site.

Thanks in advance.

AWNP ; )

paddyandstumpy

With redundancy insurance they won’t provide cover if at the time of application you’re aware it’s a probability.

Carrot007

paddyandstumpy wrote: »

With redundancy insurance they won’t provide cover if at the time of application you’re aware it’s a probability.

They could say that to everyone and never pay out though!

It's more likely there will be a requirement before a payout can happen. 6 months or something.

dunstonh

When a company is restructuring or it has become known that there is the possibility of job losses, it is usually too late to get a PPI policy.

Allworknoplay1

Cheers guys, my job isn’t in pipeline just now, I personally feel it’s only a matter of time based on my role. So my choice really. I totally understand the aspect of non payout though.

Any recommendations of which one? I originally thought mainstream insurers or even my bank but when I google its other insurers that do the job.

kingstreet

There will be a waiting period, normally 90 or 120 days fro the policy inception before you would be able to claim.

Basically, if the axe might fall in the next three or four months, you would be wasting your time.

This isn't a mainstream product you can buy online and/or via comparison sites. Mortgage brokers typically have two to three Accident, Sickness and/or Unemployment insurance providers to choose from.

Allworknoplay1

Thanks for info Kingstreet ����