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I'm seriously considering this but is it viable. Some of the polices have 120 exclusion period and it's for a maximum of 12 months with an excess period of 60 days.
I haven't looked into properly but on first research it seems bonkers.
Does anyone have experience?
Quote:
Originally Posted by Rodder
No idea, I'm afraid but it's not surprising; that's what insurance seems to be about these days. (Remember PPI?!) Huge amounts of your premium will likely disappear with commission even before your hard earned ia pplaied to buying cover.
Are you considering it for any specific reason? If you are hearing rumours about your employers maybe looking to shed jobs, that could well be an exclusion.
What are the premiums and what could you get out?
Obviously it may work for some but I know it's been said in relation to motor warranties that if you put the amount of the premium aside every month (in a bank account rather than taking out a policy) then it's highly likely you will be better off.
Very little- but indeed they usually have a lengthy exclusion to avoid everyone under threat joining up. I got many letters in my distant HR days from insurers asking when the 'first announcement' was made, whether the individual had previously applied for a voluntary exit etc etc.
Not a bad parachute if it really is an insurance (vs an actual/likely), although some employers 'sweeten the pill' for voluntary leavers in excess of hwat many policies pay so it could be dead money. Moreover, the pressure after leaving to take another job is unsurprisingly, considerable!!
Read the policy in great detail!
I’m not sure they’re generally worth it. I did have one once, received thirty days notice that it was being cancelled due to the insurer no longer offering it and then received word of forthcoming redundancy just after the policy ended. The terms were pretty much the same as for claiming benefits, you would only receive the payments if registered at the job centre and going for pretty much any job they had. I’m pretty sure that holding out for a decent job that I’m actually qualified for would have meant the payments would have stopped.
My mate took one out and it payed out for 10 months when he got made redundant from bradford and bingley there was a lot of small print though
I took out a policy years ago but it came to light when I remortgaged a year or so afterwards that it was useless for my then employment situation (offshore day-rate foreign contract). I went to the ombudsman and managed to get most of my money back as I'd been mis-sold the policy. Things may have improved since then but I believe there is still a lot of small print and restrictions.
I have one. It’s worthwhile to me.
Since I’ve had a policy for more than a year, despite the fact it was a different company, my new insurance company waived the 60 day excess. The other 60 day excess period is a waiting time between claiming and getting paid, but my policy, which isn’t anything special, pays back to day 1 of the claim. Holding your money makes them money.
Think about your minimum cost of living, because I’m yet to see a policy which pays more than 1800/m.
The fact I will get a decent redundancy package has no effect on my insurance payment.
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