Best Insurance

2.68 Million Unemployed – 17 Year High(24-Jan-2012)

As many companies are trying to find their feet after the holidays over Christmas and New Year, some of the numbers that are being published on Unemployment is very grim. While there are no surprises as the growth in the last quarter of 2011 remained flat, nevertheless the figures are worrying as the jobless rate increased more rapidly than anticipated and predicted by various analysts and economists.  

While there was some good news that the rate of deterioration was slowing down as the number of people claiming job seeker’s allowance rose by only 1,200 in December less than the 10,000 that was predicted, the reports published by “The Telegraph” challenges that premise and reported that about 218,700 jobseekers were taken off Jobseeker's Allowance and moved on to training payments. This was done on the cases where the people were just attending job-hunting courses but the status was classes as officially employed. If this claim comes true, the entire analysis and positivity around reduced number of people claiming job seekers will be short lived.

The New Year has had its fair share of employers going into administration and the main ones being retailers such as Peacock, Dairy Crest, MoD and BAE. As the spate of unemployment and redundancies does not seem to abate, the Income Protection Task Force yet again re-emphasised the importance of income protection insurance.

As the number of people getting laid off increases, it is more and more challenging for people who lose jobs to find one and the only way they can protect themselves for their cash flow is by having an income protection or payment protection insurance. As the market toughens, it is also evident that it taking longer for people to find a job and when they find one, it is usually not their preferred one. Having an income protection insurance or payment protection insurance gives the breathing space to find and get into a job that inspires rather than taking up the next available job.

Income protection and payment protection insurances pays upto 12 or 18 months benefit depending on the insurer and gives the much needed headroom that will alleviate the financial pressure and help people to look for the right roles. The unemployment protection insurance and redundancy protection covers can be either income protection type or payment protection type. Best Insurance has a range of products including some of the leading commitments protection insurance which covers all outgoings right from council tax to mobile phone bills.