RSS Feed

Related Articles

Related Categories Unemployment figures

21st January 2009 Print
Commenting on unemployment statistics released today, Emma Walker, head of protection at, said: "These figures are just the tip of the iceberg; they reveal unemployment levels hit almost two million (1.92 million) by the end of November last year, yet Brits have been bombarded with news of jobs cuts and redundancies on a daily basis since then. What made for sombre news before Christmas looks, unfortunately, set to continue this New Year. Most worrying perhaps is the rising pace of unemployment levels - according to today's news, unemployment rose by 131,000 between September and November last year, the highest total for over a decade.

"Many of us will be feeling insecure about our jobs at the moment so it's important to 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. Unemployment cover, to protect mortgage payments of £500 per month, is currently available from British Insurance for under £20 a month*. 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 However, in such uncertain times we are seeing the best value protection products being withdrawn from the market, so I'd advise putting the wheels in motion sooner rather than later to avoid losing out.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."