Redundancy insurance

paulbarette

Hi.

not sure if I am posting in the right place or if this should be under mortgages?

I am unable to get critical illness coverage due to Diabetes, but want to look at redundancy insurance of which I have found a few policies. What I want to know is what is deemed as the policy holder having knowledge of future redundancy? 

For info I have NOT been told my job is at risk. We are a US Pharma company and I work in the UK for the UK customer base. The US side have announced restructuring and 350 jobs are going in the US - a quarter from the leadership teams and others from manufacuring. 

The UK head has said that it has had a knock on effect and there are some positions that are going in the UK and those people have already been spoken to and transitioning at this time. 

I work in the sales team and have never been told there is any risk to my department and role, but obviously it is concerning. The UK company has also just announced a move to a new bigger office, of which my team are having to attend 3 days a week - which seems to be a positive as without us there would be no one on the office. 

If I were made redundant after the initial exclusion period of a policy would it still pay out or would it reject the claim as other members of staff have been made redundant? 

Any advice greatly appreciated!

MattMattMattUK

paulbarette said:

Hi.

not sure if I am posting in the right place or if this should be under mortgages?

I am unable to get critical illness coverage due to Diabetes, but want to look at redundancy insurance of which I have found a few policies. What I want to know is what is deemed as the policy holder having knowledge of future redundancy? 

For info I have NOT been told my job is at risk. We are a US Pharma company and I work in the UK for the UK customer base. The US side have announced restructuring and 350 jobs are going in the US - a quarter from the leadership teams and others from manufacuring. 

The UK head has said that it has had a knock on effect and there are some positions that are going in the UK and those people have already been spoken to and transitioning at this time. 

I work in the sales team and have never been told there is any risk to my department and role, but obviously it is concerning. The UK company has also just announced a move to a new bigger office, of which my team are having to attend 3 days a week - which seems to be a positive as without us there would be no one on the office. 

If I were made redundant after the initial exclusion period of a policy would it still pay out or would it reject the claim as other members of staff have been made redundant? 

Any advice greatly appreciated!

That will entirely depend on the details in the terms and conditions so you will need to meticulously read through them. My guess would be that you are unlikely to be able to get a policy at this stage.

With regard to getting critical illness cover with diabetes that should not be an issue in the slightest. It might be a bit more expensive but should not be a blanket no. It might be an issue if it were deemed uncontrolled medically and it may exclude diabetes or issues caused directly by it, but I would be very surprised if you cannot get a policy.