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Redundancy insurance question

(9 Posts)
chipmunkswhereareyou Sat 20-Sep-08 19:07:58

Can anyone tell me if there is some sort of minimum time between setting up the policy and redundancy being announced required for them to pay out?

Once you've taken it out do you have to then not get made redundant for a set period?

Any other advice or info on redundancy insurance welcome.

EColi Sat 20-Sep-08 19:12:56

Ours was 3 months minimum time between taking out the policy and redundancies being announced, so yes, you have to hope not to get made redundant for a few months.
Very glad we have it though since there will be redundancies at my workplace over the next couple of months.

Lubyloo Sat 20-Sep-08 20:42:07

It depends on the policy. They generally seem to be between 60-120 days.

They won't pay out though if you take it out because you have reason to believe that you will be made redundant.

chipmunkswhereareyou Sun 21-Sep-08 10:37:52

What would count as a reason to believe you could be made redundant though? How is this defined?

KatieDD Sun 21-Sep-08 14:22:46

The company making an offical announcement, the insurance comapny will write to the ex employer and ask when they announced that redundancy was definately going to happen, rumours prior to that date don't count.

EColi Sun 21-Sep-08 14:26:33

So Katie, would an 'official announcement' count as 'We have lost a contract' or 'We are 'restructuring'' or 'We will need 5 fewer staff so some will be made redundant"

I have had statements 1 and 2 from work but 'consultation' is not due to begin for another month. (I've had my insurance for 2 years though so I'm not too worried)

KatieDD Sun 21-Sep-08 14:52:48

Yes 1 and 2 would count and it doesn't have to be in writing.
If it's a small company you could talk to the directors explain you will be up the creek without insurance and ask them to put at date 3 months after you take insurance out if there's time.
You might get away with it and if you don't it's only cost you three months payment.

KatieDD Sun 21-Sep-08 14:53:57

Oh sorry missed the bit about having the insurance for 2 years, you should be absolutely fine.
Just don't volunteer for redundancy.

chipmunkswhereareyou Sun 21-Sep-08 14:59:43

Thanks Katiedd - that's great info - think dh would be ok as there is notalk of redundancies at the moment but I fear they are inevitable hence need for insurance!

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