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5 Aug 2020

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Income Protection News

Income protection cover could be handy in unstable job market

An economic expert has made projections that paint a gloomy picture ahead, underscoring the need for those in employment to secure their financial futures with products such as income protection insurance or unemployment cover.

The recession is likely to remain in its current state for the rest of the year before a turnaround is experienced in 2010, according to the International Monetary Fund, which has warned that the speed and strength of the recovery remain highly uncertain.

Ann Pettifor, a fellow of the New Economics Foundation, is even more pessimistic and has warned that the recession is likely to deepen in the coming months.

She said: "All the indications are that Britain's economy will remain mired in a 'bathtub' dip - ie there will be no meaningful upward movement, just bumping along at the bottom for a sustained period."

This means that more companies are likely to run into financial trouble and be forced to either go under or cut jobs, robbing workers of a vital source of income.

Income protection insurance and unemployment cover are some of the measures recommended for those wishing to set up a financial safety net in case they lose their source of income in the current economic climate.

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