I NEED to take out some redundancy cover quick....as Hubby's firm may be thinking of making some January time

[frenchmumma]

anyone know of a good policy that kicks in straight away? thanks

[BodenGroupie]

Some good deals and advice on that Martin Lewis
consumer website I can never remember the name of. Best of luck, our policy finally kicked in the day my husband was offered another job - still didn't feel it was a waste of money cos at least it meant there was light at the end of the tunnel.

[Millarkie]

We get ours via Nationwide - we didn't shop around I confess.. but it paid out when we needed it to. It has to be in force for 3 months before you hear about any potential redundancies though.

[Lubyloo]

I have to disagree that they are a rip off. These policies have a bad reputation as they were mis-sold terribly pre Jan 2005 when insurance sales became regulated.

These days the sales are much more transparent (when sold compliantly) You will be made aware of any exclusions and the advisor will check that you qualify for the cover and will warn you about pre-existing conditions etc.

A lot of insurers will do more than just pay out if you need to claim on the cover. For example they will often help with employment workshops, job fairs, CV skills etc if made redundant and provide additional help with your recovery if you are sick/injured.

[LadyMuck]

There is meant to be a change to Jobseekers from January whereby the period before you get help with your mortgage should be reduced to 13 weeks. Is your mortgage below £200k?

[morningpaper]

can you get his name put on the mortgage?

[frenchmumma]

Millarkie - whose is your with?

[Millarkie]

Ours is not a rip off - when dh was made redundant (has to be forced redundancy not voluntary) it paid the mortgage each month with no problems. It's quite expensive (about 10% of the mortgage payment) but we think it's worth it for the peace of mind.

[frenchmumma]

gosh this is sooo confusing as

We are married but the mortgage is in my name only. We have one son, I work 16 hours a week....we dont have any debts/loans.

So if these policies dont pay out - how on earth am I going to pay the mortgage? Im pretified

[morningpaper]

here's a Guardian article

Lots of companies are no longer offering it btw

[morningpaper]

one article here

[morningpaper]

Yes you can take one out now and wait and see

But they are a rip-off and very rarely help people to be honest

[frenchmumma]

So if my Hub doesnt get made redundance I could take a policy out after this time?

[morningpaper]

'fraid so

TBH most of the policies are useless anyway and make it very very hard to claim anything

[frenchmumma]

christ really?

[flowerytaleofNewYork]

That is likely to count as having been informed for insurance purposes I'm afraid, so even if you can get cover straightaway, you wouldn't be able to claim for this redundancy should it go ahead.

[Millarkie]

Do any of them kick in straight away? With ours you need to have 3 months before you know of any likely redundancy, and I'm not sure if 'we are thinking of losing staff in January' means that you have already been 'informed'.

[morningpaper]

I think they usually have around 90 days' between joining and claiming for this reason, I'm afraid