Life Insurance through your employer - Danger?

[bannerman5]

I'm currently very well covered for life insurance through my employer's terms and conditions. (Multiple x salary etc.) However, in the current times, my job has become unsafe. I'm now wondering how secure I really am with respect to life insurance. The scenario I'm worrying about is

1. I get sick
2. I then get made redundant
3. I then have no life insurance cover and no possibility to get replacement cover due to the hypothetical illness.

Does anyone have any advice as to the best way to proceed here?

Rgds
Bannerman5

 

[peteb]

i would suspect that if its your employer that its actually death in service benefit! Slightly differrnt to life assurance! It means that:
1. If you leave you dont retain the benefit
2. If you're made redundant
3. If may not pay out for an illness anyway - depends on the cover provided.

But either way if you leave ur job you lose it! So if you are concerned about it I wwould suggest you take it out independent of ur job!

 

[BoxTen]

This is not quite correct. If you are a member of your Employer's Death in Service scheme, you are indeed covered for the stated multiple of salary if you die while still employed. Ordinarily, I you leave this employment you lose the benefit but there is one life company who will allow you to take the benefits you had with your employer, privately without having to disclose medical evidence - so if your health had suffered, you would be ok in terms of retaining life cover. This insurance company doesn't have to have been the holding company for the Employers DIS scheme either.