On Jun 10, 11:20*am, "Norman Wells" wrote:
paulfoel wrote:
Company officially announced today that there would be redundancies in
the next month.

I currently dont have a mortgage protection policy and noticed that
most of them stipulate a 90/120 day wait period if you're 'aware' of
being made redundant.

I guess if I'm redundant this time around, I've had it even if I start
a policy today but I guess it could be OK for maybe 6 months down the
line.

What exactly counts are being 'aware' of redundancies? Company
announcement that there are going to be, or an official 'at risk'
letter for your position?

The basis of any insurance contract is that you must declare to the
insurance company in good faith all material facts, whether you consider
them to be relevant or not. *Otherwise, they can *refuse to pay out even if
they have accepted your proposal and taken your money.

So, all you can do if you want to be covered is tell the insurance company
all you know and see if they are willing to insure you. *If they are, they
cannot then refuse to pay out on the basis that you didn't tell them what
you did.

One thing to watch: does your employer actually make people
redundant by offering them a "compromise agreement"? That means they
resign in exchange for a payout. This can cause problems with such
policies.
Robert