What happens in USA cannot be ignored. There was chilling news a few days back that the retail sector in USA fell for second consecutive month in May 2012 leading to fears of stagnation in the economy there. The news in UK has been very encouraging in terms of car production. Latest figures released from Society of Motor Manufacturers and Traders (SMMT) confirm that the production of cars in the UK in May 2012 was the highest since 2004 and also there was a growth of 42% in May when compares to May 2011. But the vital point whether the economy is recovering and whether we will have employers recruiting is still largely unanswered.
Kesh Thukaram, Director of Best Insurance comments echoes with that of several other economic analysts. Employers are very cautious and are in no mood to recruit unless absolutely essential. Most employers have unfortunately cut their staff numbers right to the bone and have no excess capacity at all. However no one is in a hurry to recruit or back fill positions unless it is a business necessity.
There has been no spate of people buying Unemployment insurance and income protection insurance. Most people now chose to buy income protection insurance rather than life or critical illness as income protection insurance supports their current needs of having a sustainable cash flow if they lose jobs or unable to work due to accident or sickness. Long term income protection insurance is also becoming increasingly popular as the benefits are paid until retirement age by most insurers.
Small changes in production numbers are definitely helpful and raises the sentiment of the depressed market but it does not make any difference to the fundamental core of the economy which is struggling to cope.
Most employers feel that what has been done to bail out the Spanish banks is too little and too late and hence will not make any difference to their business. The old adage still holds good, when the going gets tough ñ the ones who are most prepared survive and see through. In such uncertain times, having good income protection policy is always a good idea. Income protection quotes can be compared online and most advisors tend to offer some form of advice. Hence doing a little bit of research and seeing income protection covers will definitely pay off.
Best Insurance has a wide range of income protection policies from a wide range of insurers and the policies offer several flexibilities in terms of excess days and choice of covers.
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