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17th December 2008 Print
Commenting on new unemployment statistics released today Emma Walker, head of protection at, said: "The economic downturn still rides high and job cuts are being revealed on a daily basis; the rise in unemployment has hit almost two million, or six per cent, and is very worrying indeed. It's a week before Christmas and these figures will really hit home for those feeling insecure about their job. We're all battening down the hatches when it comes to our finances but as redundancy and unemployment levels continue to rise, all the signs are pointing to what could be a grim New Year.

"In times like this, it's important to ensure you have safeguards in place to cover your income against any unplanned unemployment and make sure you're in the strongest possible position if job cuts are made. I'd also advise people to be aware of exactly what they're entitled to from their employer. Unfortunately, for those employed in industries at risk of redundancy, looking for any kind of protection insurance at this time may not be the best option as a claim may not be fulfilled if you thought you might already be at risk of losing your job. Make sure you seek adequate advice. The best time to buy a policy is when you least expect to need it, however unfortunately it may be too late for many people."

"For those who feel they aren't at risk but want financial stability should the unknown happen, it may be worth seeking advice on whether you should take out appropriate protection. However, in such uncertain times it's possible the best value protection products may be withdrawn from the market and I'd advise putting the wheels in motion sooner rather than later to avoid losing out. It would also be an idea to review your financial commitments to ensure you're able to cover all your monthly expenses should the worst happen, as well as ensuring you have access to support where necessary."