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13 Aug 2020

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Income Protection News

'Redundancy proof' yourself with income protection cover

Taking out accident, sickness and unemployment cover has been recommended as one of the ways in which consumers can "redundancy proof" their finances.

In an article published on MSN Money, experts from comparison site BeatThatQuote.com noted that unemployment in the UK has risen to a level last seen in 1995 as the economy suffers.

They quoted the latest data from the Office for National Statistics, which revealed that the number of people claiming unemployment benefits has reached a 12-year high, with more than 2.43 million individuals now out of work.

Consumers in employment should therefore look at ways of protecting their earnings by having accident, sickness and unemployment cover, which can come in handy in case of redundancy.

This protection "can cover a proportion of your income if you are made redundant, have an accident or become too ill to work", explained the experts.

However, those taking out this cover should ensure they shop around for the best deals, check all the exclusions that may be contained in the policy and consult an advisor.

Other life protection products worth considering include income protection insurance and critical illness cover.

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