Redundancy Insurance Eligibility 7 February at 6:54PM in Insurance & life assurance 1 reply 56 views

Chubba

Hi

My employer has just announced it's being taken over by another company. This other company has laid out its vision, one of which relates to staff and possible small number of redundancies. Because this statement is so vague and may not necessarily affect me personally but would it still count as a known event thereby making me ineligible for redundancy cover?

Somewhat ironically I'd been meaning to take out income protection / redundancy cover for a couple of years now but when the pandemic hit, understandably a lot of income protection policies were pulled from the market that covered redundancy.

Thanks

dunstonh

Somewhat ironically I'd been meaning to take out income protection / redundancy cover for a couple of years now but when the pandemic hit, understandably a lot of income protection policies were pulled from the market that covered redundancy.

PPI has gone very much out of favour before the pandemic. That was just the final nail for the small number that remained.

Because this statement is so vague and may not necessarily affect me personally but would it still count as a known event thereby making me ineligible for redundancy cover?

It is likely that it is sufficient to count against you for buying insurance now.