Redundancy Insurance 2019

joni_jo · 16 January 2019 at 4:50PM

Hi There

I am 35 and the company I work for is for sale.
I have no idea what will happen and we have been told not to worry as we are looking for a buyer but it's likely to take time for this to happen.
I want to prepare for the worst and hope for the best so am looking into Redundancy Insurance.
I have worked in the company for 5 years and need about £1800 pm to cover my monthly mortgage and cover my bills (I live in London so cost of living is ridiculous:().

Can anyone advise on Redundancy Insurance?
Is it worth it?
What do I need to look out for to ensure I'm 100% covered? as I don't want any small discrepancy to effect the cover such as you dyed your hair and didn't tell us therefore you aren't covered type of situation...
Who is the best provider?
Average monthly payment I should pay (I've looked and am getting deals from £43 - £78pm)
Basically I'm an complete novice and need help/advice on this so I can sleep easy....

Thanks in advance.

Carrot007 · 16 January 2019 at 5:12PM

joni_jo wrote: »

Can anyone advise on Redundancy Insurance?
Is it worth it?
What do I need to look out for to ensure I'm 100% covered

You need to have taken it out before you think you will need it.

So too late now.

happyc84 · 16 January 2019 at 6:13PM

hopefully your pay off will cover you until you get a new job. Then if you wait 6 months you can get insurance,

joni_jo · 16 January 2019 at 7:58PM

Thanks for responding.

The company announced they were for sale about 4 months ago but we have just been told it’s business as usual and we’ve also been told it could be a while before there is a buyer due to Brexit etc. So it could be a while off and there is a good chance we will continue to operate the same even when we are sold and I won’t be made redundant, I just want to protect on the off chance.

Is it unlikely I can get insurance as I work for a company that is for sale?

Redundancy Insurance 2019

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