On Jun 10, 3:04*pm, RobertL wrote:
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- Hide quoted text -

- Show quoted text -

LOL. Got stitched up by a previous employer with a 'Compromise
Agreement'. They used it as a way to shortcut the redundancy process.

A few of us were called into a room one by one and told that customers
had made complaints about us. Unless we agreed to resign and accept
the compromise agreement, we would be suspended immediately and the
process of dismissal would begin. Of course, the stuff they came up
with was quite quite pathetic and would have been funny if it wasnt so
serious.

Of course, in the end, because the financial offer was decent, I had
no choice but to take the cash and get a new job. I'm glad to say
(apart from the friends left behind who lost their jobs also) that
this bunch of cowboys folded a year or so later anyway.