If you are on long term sick and the company hasn't given you your P45 - are you entitled to redundancy pay?
Answers: How long is the long term sick? If it started before last April 5th, you may not get a form P45, as it would show nil pay, nil tax. I would not think someone on long term sick would be entitled to redundancy. That is meant to be a buffer between employments for someone looking for another job, which a long term sick person wouldn't be able to do. That person would presumably be getting some sort of Government benefit (incapacity?). Some employers do offer compensation, but that would depend on your contract of employment/generosity of employer. Some employers pay into insurance schemes for people having to give up work through illness to get a pension.
No. Whether you are fired, made redundant or resign you get a P45. If you are long term sick and the company feels that you will be unable to continue working they have the right to terminate your employment with notice and pay that notice. once you have received your last pay you should receive your P45 which just shows how much you have been paid and tax paid since the previous April.
When insurance companies offer insurance with no medical exam and no questions asked, where is the catch?
Answers: I'm assuming you are asking about non-medical life insurance. There are questions asked, it's part of the application. Those questions can vary from a pretty thorough examination of your health and family history to extremely limited questioning. The least I've ever seen is "Do you have AIDS?".
The catch is, you are either being rated as "Standard" or lower, or there is a limited benefit period. Allow me to explain. Standard or lower means that the best rate offered will be standard. IF you are an extremely healthy person, that might not be the best rate that you would qualify for if you want to go through medical screening. Limited benefit period means that the amount paid upon death will be limited during the first few years of the policy, usually something like this.
1st Year--Premium paid plus 5%
2nd Year-Premium paid plus 10% or 50% of the face amount, whichever is greater
3rd Year--75% of face amount
4th and subsequent years--100% of face amount
Another note--the company will probably also pull your MIB report. That is a service that tells them about all of your past medical claims, including perscriptions that you take. It helps them determine if your answers on the application are a true representation of your health and medical history.
The only place I see that offer is for SMALL life insurance policies. If you look at their rates, other than the initial low-cost offer for up to 90 days maybe, they're on the high side. I think $15K is the most pay-off I've ever seen.
Believe me, insurance actuaries know how to calculate what they'll really pay out, etc. so you can bet they're making money selling these little policies.
Years ago I took out a $150K life insurance policy because I was buying a house I'd need a mortgage on AND if I died, I wanted my brother to be able to pay off the mortgage with life insurance so it was not a financial drain on him while waiting to sell the house. I still have the policy (still have a mortgage!) and I pay not quite $55 a month for it. I think $15K of insurance would be more than $5/month and I'd need 10 of those policies to equal my one.
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For life insurance, the catch is, you're not allowed to die for the first few years - until after you've paid enough premium in to cover the payout.
OR, the catch is in the small print - they don't cover you if you have anything wrong with you - even if they don't ask any questions. So that if you DO die, they can contest the policy and invalidate it.
Motor Policy cancelled inside statutory first 14 days - is the insurer legally entitled to charge admin. fees?
Answers: It depends on who cancelled it and why.
If YOU cancelled it, they are entitled to charge a cancellation penalty, commonly called a short rate penalty, and a cancellation fee.
If THEY cancelled it, most of the time they can't charge anything extra. But it does vary by state.
Yes - you should be charged for the cover you have received and the insurers reasonable charges associated with the transaction. In reality many insurers do not charge additional charges.