Mmmmm done a lot of reading already, trying to figure out if it's worth it, they have (I guess like an excess) so minimum period before they will pay out, nil, 30 day, 60 day etc (not to be confused with initial exclusion period).
To give an example, Legal and General will charge me £37.50 a month, I cannot claim (at all) if I got made redundant in the first 60 days (exclusion period) of taking out the policy, then I will have a 30 day excess period, meaning the first month of claiming you get nothing.
Couple of things that I don't like, the £37.50 a month payment is fixed for the first 12 months, but after than, it will go up, and it's really woolly as to how much, they say "to cover inflation/claim costs" - my issue with this is if the payment goes up past what I would consider acceptable, you then cannot easily change it without going in to another providers exclusion period.
Another thing is, due to the excess period, it kinda reduces the payout value, assume you've paid in to it for 12 months, that's £450 odd, and if you get some kind of redundancy pay, that £450 you could have saved, plus whatever money you get, it only really becomes beneficial if your out of work at least 3-4 months plus. Chances are (well you'd hope) that you can find a job in this time anyway.
