Income Protection News
Rising redundancies highlight need for redundancy protection cover
The last few months have made redundancy a household topic as a result of the harsh economic climate that has left a trail of struggling or collapsed firms.
Losing a vital source of income has become a reality but consumers can adopt certain measures such as having unemployment cover, which can ensure bills continue being paid and their lifestyles are not overly disrupted.
According to Julia Whittle of financial advisory group Punter Southall Financial Management, "redundancy ranks right up there with divorce", the Telegraph has quoted her as saying.
Ms Whittle said "being made redundant is hugely stressful" but there are certain things consumers can do to ensure they survive the jobless window such as trying to see if they can continue benefiting from certain employee benefits.
Such benefits include life insurance, which she has recommended negotiating with an employer to continue providing it to ensure there is no gap between the old job and a new one.
"Even if your non-employment period is a lot longer, there may be ways of transferring policies to you personally, which would reduce premiums and avoid having to revert to new conditions," she told the newspaper.
Some 3,310 people are made redundant every day, according to Credit Action.
Do you want advice on Income protection insurance?
After looking through the income protection insurance information if you would like Income protection Advice, complete our life insurance enquiry form and we will contact you to discuses your income protection insurance and protection needs.
You may also be interested in:
- Accident Sickness Unemployment Explained
- Term Life Insurance Explained
- Critical Illness Explained
- Life Insurance Advice
- Mortgage Types Explained
- Mortgage Top Ten
Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.
Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Services Authority. Registered in England & Wales Company 5703224.