Income Protection News
New CEBR projections underscore need for income protection cover
More people could continue losing their jobs, pushing the number of those out of work close to four million, which highlights the need for consumers to consider taking out income protection or unemployment cover.
New predictions by think tank Centre for Economics and Business Research (CEBR) have painted a gloomy economic situation ahead, saying that unemployment could rise from the current 2.4 million to 3.8 million.
According to the CEBR, the government is "optimistic" in its forecasts of how the economy will perform, which could result in it underestimating the rate of unemployment.
"The Treasury must come clean about the risks they are running with the future of the economy and the public finances – the potential £800 billion of extra debt and one million extra unemployed cannot be ignored," said the organisation.
Consumers wishing to take precautionary steps could put in place measures to fortify their financial futures such as taking out income protection or unemployment cover.
These types of protection could kick in if one suffers a redundancy, ensuring important bills such as school fees or loans are taken care off until a new job comes along.
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