Impending redundancy & Mortgage protection

T

TwoWheels

Registered User
Messages
133
Hi all,
I am in the unfortunate position of knowing that I will be made redundant.
However, I am in the "Lucky" position of knowing this will not happen for 5 / 6 months.

I have been told this will happen, but have not been given my "Official" notice yet.

Is it possible to now apply for a mortgage protection policy now in order to safeguard myself when this happens?

Obviously I will be job hunting during this time, but in the event of not finding anything I will need cover.

I will recieve a substancial severence package, will this make a difference?

Thanks.
TW.
 
TwoWheels said:
Hi all,
I am in the unfortunate position of knowing that I will be made redundant.
However, I am in the "Lucky" position of knowing this will not happen for 5 / 6 months.

I have been told this will happen, but have not been given my "Official" notice yet.

Is it possible to now apply for a mortgage protection policy now in order to safeguard myself when this happens?

Obviously I will be job hunting during this time, but in the event of not finding anything I will need cover.

I will recieve a substancial severence package, will this make a difference?

Thanks.
TW.
Click to expand...

Most policies are declared void if there any reasonable chance that you knew or even had an idea you were going to be made redundant so be very careful.
 
TW,
I currently have a mortgage payment protection policy and looked at some of the T&Cs to see what it say regarding this....two clauses I found are as follows....not sure how they assess and validate (i) however


In respect of unemployment, no benefit is paid if: (i) You know you are about to be made redundant (ii) You are laid off, but not made redundant (iii)You are working on contract (iv) You opt for voluntary redundancy.

The policy needs to be in force 120 days before a claim can be made, and no benefit is paid for the first 30 days of illness or redundancy
 
Thanks for the replies,
These are essentially what my questions are.
Is 5 / 6 months long enough for the policy to be in place for cover to be effictive.
How is it determined if I "Knew" I was to be made reduntant,
I am 90% sure it will happen, but there has not been and there will not be any offical notice given to me for the next 4 / 5 months.
 
How do you know?

have you heard a rumour in the smokers corner, or have you been told by the company that there is a real possibility of redundancy?
 
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