Income Protection News
Income protection ideal for public sector workers
Public sector workers without redundancy fall-back plans such as unemployment cover or income protection insurance may want to consider putting in place such measures because of impending budget cuts.
Civil service jobs may be under threat following chancellor of the exchequer Alistair Darling's refusal to confirm or deny whether the government would target the public sector in a bid to reduce spending last night.
Speaking to a City audience at the annual Mansion House dinner, the chancellor avoided giving any guarantees against future cuts despite the fact that prime minister Gordon Brown has been accusing the Conservatives of considering cuts.
With the government unable to give any spending guarantees beyond 2011, now more than ever is it vital for civil service workers to start thinking about protecting their financial future.
Depending on the level of cover and terms of the agreement, products such as income protection insurance can come in handy by providing a source of income until a new job comes along.
A recent article by Lovemoney.com stated that accident, sickness and unemployment insurance can guarantee income of between 50 per cent and 65 per cent of one's salary until retirement age is reached or a full recovery is made.
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