Loss Of Employment Insurance
Discussion
eck c said:
As per title, currently in Oil & Gas service sector but for how much longer?????
Any recommendations or pointers would be appreciated
Thanks in advance
Your company has stopped paying for employment insurance as in they are downsizing? or you have stopped paying for insurance for employment aka unemployment insurance?Any recommendations or pointers would be appreciated
Thanks in advance
I'm assuming you're after some sort of "lifestyle protection" insurance that pays out if you're made redundant?
Things to bear in mind when looking for policies:
1. None pay out if you're already at risk, or know you will be, so you do need this in place before you're put at risk.
2. They generally pay for 12 months.
3. There's a deferred period where they won't pay - this is your notice period usually, and THEN there's an extra period (usually 30 days) where they pay the first payment at the end of the 30 days. Often there's an option to be paid at the start rather than the end - you need to check, and decide which is best for you.
4. They'll only pay a percentage of your salary, not the full whack.
5. Costs vary wildly - use money supermarket or similar for quotes. I'm paying around £125 a month for £2,000 a month pay out if made redundant, and I think that's with Legal and General.
6. If you're contracting then look closely at the small print for exclusions.
Things to bear in mind when looking for policies:
1. None pay out if you're already at risk, or know you will be, so you do need this in place before you're put at risk.
2. They generally pay for 12 months.
3. There's a deferred period where they won't pay - this is your notice period usually, and THEN there's an extra period (usually 30 days) where they pay the first payment at the end of the 30 days. Often there's an option to be paid at the start rather than the end - you need to check, and decide which is best for you.
4. They'll only pay a percentage of your salary, not the full whack.
5. Costs vary wildly - use money supermarket or similar for quotes. I'm paying around £125 a month for £2,000 a month pay out if made redundant, and I think that's with Legal and General.
6. If you're contracting then look closely at the small print for exclusions.
DanL said:
I'm assuming you're after some sort of "lifestyle protection" insurance that pays out if you're made redundant?
Things to bear in mind when looking for policies:
1. None pay out if you're already at risk, or know you will be, so you do need this in place before you're put at risk.
2. They generally pay for 12 months.
3. There's a deferred period where they won't pay - this is your notice period usually, and THEN there's an extra period (usually 30 days) where they pay the first payment at the end of the 30 days. Often there's an option to be paid at the start rather than the end - you need to check, and decide which is best for you.
4. They'll only pay a percentage of your salary, not the full whack.
5. Costs vary wildly - use money supermarket or similar for quotes. I'm paying around £125 a month for £2,000 a month pay out if made redundant, and I think that's with Legal and General.
6. If you're contracting then look closely at the small print for exclusions.
CorrectThings to bear in mind when looking for policies:
1. None pay out if you're already at risk, or know you will be, so you do need this in place before you're put at risk.
2. They generally pay for 12 months.
3. There's a deferred period where they won't pay - this is your notice period usually, and THEN there's an extra period (usually 30 days) where they pay the first payment at the end of the 30 days. Often there's an option to be paid at the start rather than the end - you need to check, and decide which is best for you.
4. They'll only pay a percentage of your salary, not the full whack.
5. Costs vary wildly - use money supermarket or similar for quotes. I'm paying around £125 a month for £2,000 a month pay out if made redundant, and I think that's with Legal and General.
6. If you're contracting then look closely at the small print for exclusions.
I had a look on Money Supermarket before I started this thread.
I got quotes for £1500/month with a 60 day before period, payments ranged from £50-£80/month.
Obviously I would really need to go over the small print very carefully, due to the way the Oil industry is I was expecting to be getting knock backs from the start but I haven't delved further than just having a look online for now.
eck c said:
DanL said:
I'm assuming you're after some sort of "lifestyle protection" insurance that pays out if you're made redundant?
Things to bear in mind when looking for policies:
1. None pay out if you're already at risk, or know you will be, so you do need this in place before you're put at risk.
2. They generally pay for 12 months.
3. There's a deferred period where they won't pay - this is your notice period usually, and THEN there's an extra period (usually 30 days) where they pay the first payment at the end of the 30 days. Often there's an option to be paid at the start rather than the end - you need to check, and decide which is best for you.
4. They'll only pay a percentage of your salary, not the full whack.
5. Costs vary wildly - use money supermarket or similar for quotes. I'm paying around £125 a month for £2,000 a month pay out if made redundant, and I think that's with Legal and General.
6. If you're contracting then look closely at the small print for exclusions.
CorrectThings to bear in mind when looking for policies:
1. None pay out if you're already at risk, or know you will be, so you do need this in place before you're put at risk.
2. They generally pay for 12 months.
3. There's a deferred period where they won't pay - this is your notice period usually, and THEN there's an extra period (usually 30 days) where they pay the first payment at the end of the 30 days. Often there's an option to be paid at the start rather than the end - you need to check, and decide which is best for you.
4. They'll only pay a percentage of your salary, not the full whack.
5. Costs vary wildly - use money supermarket or similar for quotes. I'm paying around £125 a month for £2,000 a month pay out if made redundant, and I think that's with Legal and General.
6. If you're contracting then look closely at the small print for exclusions.
I had a look on Money Supermarket before I started this thread.
I got quotes for £1500/month with a 60 day before period, payments ranged from £50-£80/month.
Obviously I would really need to go over the small print very carefully, due to the way the Oil industry is I was expecting to be getting knock backs from the start but I haven't delved further than just having a look online for now.
So be very very wary about this and ignoring it and expecting them to pay out.
Du1point8 said:
You need to prove your job is not currently at risk before you are even able to apply, plus with many of these you will need to have to pay for up to 6 months before claiming... This comes back to proving job is not at risk, so if it does happen to go in the next 6 months, then the insurance company has a get out clause of you lied.
So be very very wary about this and ignoring it and expecting them to pay out.
I'm not sure that I ever saw a clause asking you to prove your job isn't at risk, but you raise another important point - there is a period of time at the start of these (I forget what it's called) where you're paying for protection but won't get anything if you're made redundant. This period will vary from provider to provider, so look carefully for that. If you've got protection in place already most providers will match your existing protection during their qualifying period so you can switch without losing out, but if it's your first policy then you're likely to need to be working for 3 months before you get to claim. So be very very wary about this and ignoring it and expecting them to pay out.
DanL said:
Du1point8 said:
You need to prove your job is not currently at risk before you are even able to apply, plus with many of these you will need to have to pay for up to 6 months before claiming... This comes back to proving job is not at risk, so if it does happen to go in the next 6 months, then the insurance company has a get out clause of you lied.
So be very very wary about this and ignoring it and expecting them to pay out.
I'm not sure that I ever saw a clause asking you to prove your job isn't at risk, but you raise another important point - there is a period of time at the start of these (I forget what it's called) where you're paying for protection but won't get anything if you're made redundant. This period will vary from provider to provider, so look carefully for that. If you've got protection in place already most providers will match your existing protection during their qualifying period so you can switch without losing out, but if it's your first policy then you're likely to need to be working for 3 months before you get to claim. So be very very wary about this and ignoring it and expecting them to pay out.
'If the insurer deems there to have been a reasonable knowledge prior to taking out cover then it is likely a claim will be declined.
The most lenient insurers usually class ‘reasonable knowledge’ to mean that you have been told specifically that your job is at risk, whereas the strictest would usually consider you to have reasonable knowledge if your company has announced it plans to make any redundancies whatsoever.
There are also insurers in between, considering an announcement of redundancies on a departmental basis, which can make sense for an international company with multiple divisions.
If there is just a rumour going round the company that redundancies may be coming, this doesn’t usually constitute reasonable knowledge - provided that you are not part of the management team that knows for a fact - but it would be very wise to speak to an adviser so they can speak to various insurers on your behalf to double check before any policy is taken out.
This can often be a grey matter and you will want to have certainty in the form of a call reference or email confirmation. Be completely honest with the adviser or insurer about your specific situation and let them determine if they are happy to offer cover.'
Thanks for the replies.
I am currently away from home so I haven't been able to take the quotes from looking online any further yet.
I know for sure from others that many Insurers are no longer accepting clients from the O & G Industry but this hasn't been getting red flagged despite providing full job details whilst searching online.
100% I will be talking to to someone who can give definitive answers so there are no grey areas before purchasing.
I am currently away from home so I haven't been able to take the quotes from looking online any further yet.
I know for sure from others that many Insurers are no longer accepting clients from the O & G Industry but this hasn't been getting red flagged despite providing full job details whilst searching online.
100% I will be talking to to someone who can give definitive answers so there are no grey areas before purchasing.
In my experience, the question of whether or not your claim is valid will depend on what your employer tells the insurance company in response to the questions that the insurance company asks. For me, the company said "He was made redundant on date X" or something similar. No other information was provided at all. Given that date X was more than 3 months after I took out the policy, the claim was considered valid. This was with Axa via the Post Office.
omniflow said:
In my experience, the question of whether or not your claim is valid will depend on what your employer tells the insurance company in response to the questions that the insurance company asks. For me, the company said "He was made redundant on date X" or something similar. No other information was provided at all. Given that date X was more than 3 months after I took out the policy, the claim was considered valid. This was with Axa via the Post Office.
I was wandering what how far the Insurer would delve and how much info the Employer would supply.Not sure about current policies, but when I looked at this a few years ago you also had to register with the Job Centre upon losing your job and accept anything they put your way. If you're in a skilled trade that may not suit. IMHO they are like most non-statutory "fear" insurance, other than travel, a waste of money.
Speed 3 said:
Not sure about current policies, but when I looked at this a few years ago you also had to register with the Job Centre upon losing your job and accept anything they put your way. If you're in a skilled trade that may not suit. IMHO they are like most non-statutory "fear" insurance, other than travel, a waste of money.
When I last had cause to claim (actually got a job before the policy paid out!) you did have to register with the job centre to show you were unemployed. However, you don't need to take anything they give you, just to show that you're looking for work as you would if claiming Jobseeker's Allowance. DanL said:
When I last had cause to claim (actually got a job before the policy paid out!) you did have to register with the job centre to show you were unemployed. However, you don't need to take anything they give you, just to show that you're looking for work as you would if claiming Jobseeker's Allowance.
you appear not to understand how the job centre system works mph1977 said:
you appear not to understand how the job centre system works
Maybe it's changed since 2008 when I went through the system - just giving my experience.The guy at the job centre asked what I did, I told him, he told me they'd have nothing for me but that I should check anyway on the computer consoles in the lobby just in case, and that I had to keep a record of the jobs I'd applied for and bring this in as proof that I was looking every two weeks (I think - can't believe it was weekly) at my appointment time. Think I had to show I'd applied for 10 jobs between visits.
Has it changed since?
DanL said:
mph1977 said:
you appear not to understand how the job centre system works
Maybe it's changed since 2008 when I went through the system - just giving my experience.The guy at the job centre asked what I did, I told him, he told me they'd have nothing for me but that I should check anyway on the computer consoles in the lobby just in case, and that I had to keep a record of the jobs I'd applied for and bring this in as proof that I was looking every two weeks (I think - can't believe it was weekly) at my appointment time. Think I had to show I'd applied for 10 jobs between visits.
Has it changed since?
sanctions regime that is actually used , UJM , putting anyone who shows signs of potentially being a bludger on daily signing ...
mph1977 said:
have you been living under a rock ?
sanctions regime that is actually used , UJM , putting anyone who shows signs of potentially being a bludger on daily signing ...
Is this true if they're not actually paying you any benefits too? Redundancy and savings put me over some threshold or other (I forget what is was) than meant I didn't get the £50-something a week.sanctions regime that is actually used , UJM , putting anyone who shows signs of potentially being a bludger on daily signing ...
Seem to recall I didn't have to pay council tax, although I didn't find out that they'd stopped taking money from me until they sent a demand that I started paying again once I'd got a new job. Think the job centre chap sorted the stoppage for me without mentioning it, and so I didn't think to tell them they should start taking money again - particularly as they already had my payment details on file.
The insurer that I was with used a form provided by the Job Centre to validate your continuing eligibility for your payment. This form needed be sent of once per month. This meant that to continue to claim, I needed to go to the job centre every 2 weeks and "prove" to them that I was actively seeking employment. This isn't very hard to do - they needed to see that you had applied for 3 jobs in the preceeding two weeks. 3 lines in a spreadsheet were fine. After 6 months, they turn up the screws slightly, and try and make you apply for jobs through them. In my experience that wasn't hard to get around. It's not the best use of time, but it wasn't overly imposing.
omniflow said:
The insurer that I was with used a form provided by the Job Centre to validate your continuing eligibility for your payment. This form needed be sent of once per month. This meant that to continue to claim, I needed to go to the job centre every 2 weeks and "prove" to them that I was actively seeking employment. This isn't very hard to do - they needed to see that you had applied for 3 jobs in the preceeding two weeks. 3 lines in a spreadsheet were fine. After 6 months, they turn up the screws slightly, and try and make you apply for jobs through them. In my experience that wasn't hard to get around. It's not the best use of time, but it wasn't overly imposing.
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