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Back in January I was told that I was at potential risk of redundancy, basically our entire department of 800 odd folks had to apply for our own jobs, which would have been fine if my job actually existed in the new structure! Never mind I thought, being the risk adverse type I'd taken income insurance out back in May 2011, which would see me alright until I managed to secure something else. Or so I thought.
Now, on rereading the small print, I see they won't pay out if my unemployment arises from any announcement that happened within 60 days of me starting the policy. Something I hadn't previously registered. Turns out that 51 days AFTER I took out the insurance my company made an announcement that over the next 4 years they'd be shedding about 15000 jobs, or roughly 14% of the workforce. No details were given, and it didn't look to have anything to do with me. In fact up until December my job was safe as houses, but new management has come in and decided to cut some headcount, bundling it into the original 15000 reduction announced 18 months ago.
Anyway, although I'm slightly peeved by the whole thing, and I'll lose out on the best part of 15k, I realise that technically I don't have a leg to stand on with the insurer. I guess my question is do you think I can claim the £1000 odd I've paid out in premiums given I would never have been able to claim on the insurance in the first place? Seems a bit unfair that I am expected to remember the detail of the smallprint exclusions 60 days after the start of the policy.
And for all the cynics out there, no I had no idea that an announcement was on its way when I took out the insurance! Just bad luck!
🙁
Sorry to hear that, but TBH I wasn't aware of anyone ever managing to get a payout from one of those policies.
Turns out that 51 days AFTER I took out the insurance my company made an announcement that over the next 4 years they'd be shedding about 15000 jobs
Have they confirmed that they wont pay? At that point was your job specifically targeted or was it just a starting point.
Worth a chat with the financial services ombudsman or FSA for clarification.
Sorry to hear that, but TBH I wasn't aware of anyone ever managing to get a payout from one of those policies.
A friend got a full payout from one, you just have to get it right and not volunteer etc.
I was looking forward to making use of mine when I was made redundant at New Year. Was such a gaff filling in forms etc i actually went out and got work instead.
Actually - I really should cancel it now I guess...
Rachel
i got a payout from one and my ex did too. You have to be very factual and bullish with these people... Tell them that an announcement was made (if you have to) but the announcement did not affect you and the redundancy notice was merely to 'the company' and not to you personally. They cannot blanket impose that on you, for example if that was the case and the government said 'we need to trim the number of people in the NHS' today then that wouldn't affect anyone because it's too general and not [i]reasonable[/i] enough for you to expect you to be one of those unfortunate people.
Don't give up by any stretch, they hope you do what you have done is read the small print and 'counted yourself out' and not bother claiming.
I'm going to check with them tomorrow Mike, but given its there in black and white and as AP says these companies aren't know for being flexible on the side of the consumer, I don't hold out hope.
exact wording of exclusion is
[i]'if the is an announcement of any job losses....before the start date or within 60 days immediately following the start date and your employment arises from this activity'[/i]
My job absolutely wasn't targeted at the point of announcement. Up until December I was fine, was even told I was going to get a promotion! But it is part of wider job cuts that have been badged up as the 'strategic review' announced in 2011
Been a bit of a double wammy in the last few weeks :-(. Will see what they say, not hopeful but maybe ombudsman is worth a call
thanks
So you should've canned the policy when your company made the announcement. But I guess like most of us you didn't actually read the policy...
If your job wasn't included in the announcement, it's not relevant to the policy exclusion.
(I'm assuming the quote should have said unemployment)'if the is an announcement of any job losses....before the start date or within 60 days immediately following the start date and your [un]employment arises from this activity'
Small print goes both ways. From what you've said, wasn't an announcement of job losses, it was a warning of possible future announcements. And if it didn't cover your job, your unemployment didn't arise from it, it arose from the new management.
This kind of thing is covered in the PPI miss-selling. Who is your policy with?
I'm confused about this small print, it seems so open ended.
What if your company announced job losses 25 years ago during the recession in the 80's? Does that mean you would not be covered now?
£15k is a lot of money, don't give up on it!
probably technically it's to do with the 90 (or whatever) days notice of negotiating redundancy part. If the company entered into that then they have to put up or shut up in n Days, if not then it's over. Check small print and company HR info.
Sorry to hear that, but TBH I wasn't aware of anyone ever managing to get a payout from one of those policies.
a friend was a GP who has been unable to work for quite a while now because of regular migraines - her insurance has paid out ok, and now she is taking early retirement.
This kind of thing is covered in the PPI miss-selling. Who is your policy with?
I doubt it is, because its not Payment Protection Insurance that the OP has. The OP has insured his income, not his outgoings.