# Reduandancy insurance



## dreaddan (Mar 9, 2007)

Just a quick question about reduancy insurance.
I know you cant take out insuance when you know 100% they your going to be made reduendant but what if theres a chance due to a take over?

Cheers
Dan


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## Roswell (Aug 11, 2008)

Im pretty sure once it announced thier is redundancies in your company your stuffed. 

perminant health cover on the other hand may be a safer bet ;-)


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## Adam D (Nov 3, 2009)

Best thing to do would be to speak directly to the insurance company and get their view on it.

The last thing you want is to pay out premiums and then find you are not covered.

Mind you, rumours circulate all the time so I would say that unless there has been some sort of official announcement then you would be okay.

Talk to them though.


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## Guest (Feb 13, 2010)

You might also find that there is a minimum time period before the cover is deemed active. I'm sure the cover I have with Nationwide required that at least 3 months passed, after taking the cover out, before I could have made a claim.


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## APK (Oct 6, 2008)

If you have been notified officially or "have grounds to believe" there may be redundacies you will not be covered, not sure if there still is but last year, certain industires such as financials, had total bans from providers! 
If there are simply rumours circulating, you should be fine, if the new owner of the company has said something like " we intend to cut costs, by cutting staff" you could be struggling, best to speak to a broker, explain your circumstances, and get them to contact the insurer, as Adam says you do not want to be paying premiums for something which won't pay out.

You will also have a waiting period during which you cannot claim (I have had a case where client found out the day after the 30 day exclusion, and the company still paid)

Shop around as premiums vary a lot, DO NOT take through your mortgage lender without shopping around, they will often charge double what you can get elsewhere (as you would expect, premiums have risen a lot in the last year)


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## Nanoman (Jan 17, 2009)

I had a look around for this and found it to be relatively cheap. For me it's about £40 a month for £1000 unemployment benefit although I'm not sure what 'unemployment' is. I work in sales and if I under perform and get fired is that insured or tough luck? 

That's £1000 benefit per month for up to 12 months from day 1 of being unemployed. I can't claim if i get maid unemployed in the first 120 days on most policies I've found.


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