Retrenchment insurance

[Mimen]

My job is on the line due to retrenchments. If I survive it I want to get insurance to protect my income if it happens again. Can anyone recommend a company and product name?

 

[Napalm2880]

My job is on the line due to retrenchments. If I survive it I want to get insurance to protect my income if it happens again. Can anyone recommend a company and product name?

Not really worth it in my opinion. It's expensive and they will usually only cover you for a few months, never mind the paper work and phone calls it will require to actually get them to pay out. Better to spend your energy looking for another place to work.

 

[genetic]

I think it might be in your best interest to rather speak to a financial adviser than ask advice on a tech forum.

 

[Drifter]

That kind of cover usually has a 6 month waiting period anyway.

 

[BadBoyGP]

My job is on the line due to retrenchments. If I survive it I want to get insurance to protect my income if it happens again. Can anyone recommend a company and product name?

PM me, I can help

 

[saturnz]

a second income is the best retrenchment insurance in my opinion

 

[supersunbird]

Not really worth it in my opinion. It's expensive and they will usually only cover you for a few months, never mind the paper work and phone calls it will require to actually get them to pay out. Better to spend your energy looking for another place to work.

My cover (company does not do new business on it anymore, so won't name it) is about R10 per R1000 of cover, so say R200pm for R20 000 salary, it pays for up to 6 months, so R120 000. Paying R200 for 5 years would mean I'd have paid R12 000, which is only a 10th of possible cover. I will rather have some reassurance that it is in place if there is difficulty finding a new job, which can happen.

 

[namzsteve]

OP, don't you have some savings to fall back on? Best start looking for a new employer, I'd think that's the best option.

 

[TheChamp]

My cover (company does not do new business on it anymore, so won't name it) is about R10 per R1000 of cover, so say R200pm for R20 000 salary, it pays for up to 6 months, so R120 000. Paying R200 for 5 years would mean I'd have paid R12 000, which is only a 10th of possible cover. I will rather have some reassurance that it is in place if there is difficulty finding a new job, which can happen.

What was the waiting period?

 

[supersunbird]

6 months

 

[JayM]

6 months

So you still need a 6 month emergency fund. In which case you probably don't need the insurance.

 

[supersunbird]

So you still need a 6 month emergency fund. In which case you probably don't need the insurance.

Do you know what a waiting period is?

 

[JayM]

Do you know what a waiting period is?

My bad, I assumed it was the amount of time you'd have to wait after getting retrenched to start getting paid. But I realise now it's the amount of time after taking out the policy before cover would apply.

 

[supersunbird]

My bad, I assumed it was the amount of time you'd have to wait after getting retrenched to start getting paid. But I realise now it's the amount of time after taking out the policy before cover would apply.

So if on had 6 months salary saved up, one can indeed not have this, or one can have this and the 6 months saved up and easily survive a long time without a job.

 

[JayM]

So if on had 6 months salary saved up, one can indeed not have this, or one can have this and the 6 months saved up and easily survive a long time without a job.

That cover does seem very inexpensive. Do they require evidence that you're looking for a job to keep paying out?

 

[Barbarian Conan]

What work do you do?