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?

"paulfoel" wrote in message
...
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?

I would expect an insurer to be very wary of someone who takes out a policy
when the employer has made a statement like this. Otherwise nobody would
take out any policies until they felt they needed to make a claim. You could
start the policy but expect the insurer to make enquiries before paying any
claim you might make.

Rob Graham

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.

On Jun 10, 11:17*am, "robgraham" wrote:
"paulfoel" wrote in message

...

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?

I would expect an insurer to be very wary of someone who takes out a policy
when the employer has made a statement like this. Otherwise nobody would
take out any policies until they felt they needed to make a claim. You could
start the policy but expect the insurer to make enquiries before paying any
claim you might make.

Rob Graham

Yeh. I guess thats why they put in place the 90/120 day intial period.

But at what point do you officially know about your redundancy? It
seems a bit of a grey area...

"paulfoel" wrote in message
...
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?

I`d be very surprised if a company would insure you if they where mde aware
of the material facts. And if you don`t make them aware of material facts
(like you have a good idea you`re about to be made redundant) then if they
ever find out the true story, they`ll be coming after you for the money, and
potentially going for some form of fraud charge to boot.

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

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.