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12 Jul 2020

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Income Protection News

New unemployment figures highlight need for income protection insurance

New figures from the Office for National Statistics (ONS) have underscored the need for people in employment to ensure they are covered with income protection insurance or unemployment cover.

According to the latest data, an increasing number of people lost their jobs in the three months to April 2009 as the number of unemployed people and the unemployment rate rose.

Once out of a job, getting back into employment is an even more daunting task because the number of vacancies continued to fall during the same period, going down by 108,000 between December 2008 and March 2009.

There are only 29.11 million people in employment after the number of people with jobs fell by 271,000 over the quarter and down 399,000 over the year, highlighting the need for people to think of ways to have a fall back plan.

One way to go about this is taking out income protection insurance or unemployment cover which, depending on the type of policy, will offer a source of income until a new job comes along.

In a recent article on Lovemoney.com, expert Neil Faulkner recommended taking out income protection insurance ahead of any other type of cover such as home contents insurance, pet or mobile phone protection.

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