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12 Jul 2020

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Income Protection News

Need for income protection and unemployment cover highlighted by new data

The need for people to consider taking out income protection insurance has been underscored by new data from charity Citizens Advice showing more people are seeking its services as a result or losing their source of income and owing money.

Demand for advice on debt and employment-related issues in Citizens Advice Bureaux in England and Wales have increased sharply over the last year as people plunged into the red.

With a 114 per cent increase recorded for redundancy-related matters, which saw 83,024 new enquiries in 2008/9 compared to 38,745 the previous year, now more than ever are products such as unemployment cover important.

"These new figures show the human impact of the recession as more people are coming to the Citizens Advice service for help," said Citizens Advice chief executive David Harker.

"In particular we are seeing an enormous rise in the number of people turning to us for help because they have lost their job, or are struggling with debts or having problems keeping up with their mortgages."

Taking out income protection or unemployment cover is especially vital for people with dependants as the insurance comes in handy in ensuring a continued source of income until one is able to get back on their feet.

 

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