Redundancy protection
Discussion
I'm in the oil industry and have survived two waves of redundancies so far but I wouldn't be surprised if my company have another one before the end of the year. A few folk at work have been looking into this more and I'm unsure if I should too.
I'm 27, have a mortgage at £500 a month but no dependants and healthy savings. Should the worst happen I'd still be getting my final month's wage plus 5 weeks pay as a redundancy package.
Given the figures my workmates are finding are around £40-£50 a month to receive around £1200-£1400 I'm leaning towards not bothering given the above but can anyone who's been in a similar situation offer any advice?
I'm 27, have a mortgage at £500 a month but no dependants and healthy savings. Should the worst happen I'd still be getting my final month's wage plus 5 weeks pay as a redundancy package.
Given the figures my workmates are finding are around £40-£50 a month to receive around £1200-£1400 I'm leaning towards not bothering given the above but can anyone who's been in a similar situation offer any advice?
"If there is a ‘foreseeability of redundancy’ – for example, you have been told that your job is under consultation – it is likely that your cover will be invalid and you won’t be able to claim. Be careful as this may also be the case if you know that some jobs in your company may be lost or even in circumstances where your place of work is known to be in financial trouble."
http://www.moneysavingexpert.com/mortgages/payment...
http://www.moneysavingexpert.com/mortgages/payment...
There was a thread by another Oil and Gas guy on here asking similar - worth searching.
I'd not bother. I think most of the policies are a load of b
ks with a lot of holes in my limited research. But this is my personal opinion.
I'd save the 50 quid or so a month rather than spending it on something which would possibly (probably not) pay out!
I'd not bother. I think most of the policies are a load of b
ks with a lot of holes in my limited research. But this is my personal opinion.I'd save the 50 quid or so a month rather than spending it on something which would possibly (probably not) pay out!
Depends how long you think it might take you to find a job, and if you worry about redundancy or not. I've had cover in place since getting a mortgage - I'm sure I could have saved money by not having it, but I like not worrying if I hear rumours of lay offs at work.
If it takes me 12 months to find a job, things have gone so wrong that I'll have other stuff to worry about! I do like not needing to care if the axe falls on me or not though. That is worth the cost of the premium to me - it may not be to you though...
If it takes me 12 months to find a job, things have gone so wrong that I'll have other stuff to worry about! I do like not needing to care if the axe falls on me or not though. That is worth the cost of the premium to me - it may not be to you though...
One of the sign up questions they will ask is if there have been any recent redundancies. When I mean recent they mean within the last 12 months.
Even when you do claim they require your left testicle before paying out. I should know as I made such a claim in recent years. They made it extremely difficult to successfully claim, and I really do mean extremely difficult. Then they try and catch you out.
s.
I have heard that they won't touch the Oil industry at the moment, but this is hearsay.
Even when you do claim they require your left testicle before paying out. I should know as I made such a claim in recent years. They made it extremely difficult to successfully claim, and I really do mean extremely difficult. Then they try and catch you out.
s.I have heard that they won't touch the Oil industry at the moment, but this is hearsay.
Patrick Bateman said:
Should the worst happen I'd still be getting my final month's wage plus 5 weeks pay as a redundancy package.
No, shoukd the worst happen, the company would fold leaving you with an unpaid last month of work, no money for redundancy and no payout of your leave entitlements. creampuff said:
Patrick Bateman said:
Should the worst happen I'd still be getting my final month's wage plus 5 weeks pay as a redundancy package.
No, shoukd the worst happen, the company would fold leaving you with an unpaid last month of work, no money for redundancy and no payout of your leave entitlements. Having said all that, in your situation I wouldn't bother. It sounds like you have enough money for a rainy day to cover yourself - and it will be a damn site easier to get your hands on that than any insurance payout anyway.
I was looking at accident,sickness and unemployment insurance at the middle of last year. There were a lot of get out clauses when I read through the policy documents so make sure you read the policy a few times over . I would have signed up but just completely forgot. At the end of last year I was diagnosed with cancer(thankfully in remission now) and have just recently found out a number or roles at work including mine are being made redundant. Fortunately the redundancy payout isn't too bad and I have been with the company for a while but had I signed up with the cover I would have had a little extra funds as a cushion.
There is such a thing..!
One of my friends worked for JP Kenny i think it was and got made redundant around Christmas, he had some sort of mortgage cover if this happened. The short of it is they pay his mortgage for up to a year maximum i believe or until he finds employment! I don't know who it's with or any of the finer details, he had also just purchased the house a couple months before redundancy too.
One of my friends worked for JP Kenny i think it was and got made redundant around Christmas, he had some sort of mortgage cover if this happened. The short of it is they pay his mortgage for up to a year maximum i believe or until he finds employment! I don't know who it's with or any of the finer details, he had also just purchased the house a couple months before redundancy too.
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