Income Protection News
Income protection insurance ideal for protecting against loss of earnings
Income protection cover has been recommended as an ideal way of protecting earnings in the current economic climate, which is leaving a wave of company collapses and redundancies across the country.
Writing in the Sunday Herald, Simon Bain has quoted recent research from the Confederation of British Industry (CBI) showing that many businesses in the UK will continue making cutbacks including redundancies.
According to the CBI, "the recession has dramatically altered the UK workplace landscape" and those still in work face everything from flexible working hours to pay freezes and voluntary working.
This highlights the importance for workers, especially those who have dependants, to look at ways of protecting their earnings against any eventualities as the economy continues to suffer.
While recommending income protection insurance, the writer stated that it can protect an income against loss, although he warned that "the policy will not pay out if redundancies in your workplace are judged by the insurer to be 'foreseeable' or if you take voluntary redundancy".
Having such protection is vital in light of figures from debt charity Credit Action showing one in 33 people currently working are projected to become unemployed in 2009.
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