History has several lessons and one of them is to ensure that the population of any country or state or engaged in economically useful activities. If people are not producing anything economically useful to the country i.e. supporting the GDP, then they must be engaged in activities that will lead to enhanced economical contribution in the near future i.e. they must be in education or training.
Unfortunately, this does not seem to be case in England. The NEET has hit a 5 year peak and is nearing the 1 Million mark. This has profound impact to the economy of the country and has several areas that the effect can be felt. If this challenge is not nipped in the bud, then there is a risk of a whole generation losing out on economic quality of life.
In the last few days, there have been several economic factors all indicating that the economy world over is facing a risk of another round of depression and some even compare this to the great banking crisis of the 1930s. Based on these and the foreseeable economic situation in the UK, the Income Protection Task Force is reviewing advice given by the IFAs and is suggesting to mandate a hierarchy of protection needs which has income protection insurance at the pinnacle of requirement of people.
There is an increasing awareness that income protection insurance is more important than other insurances such as life and critical illness and with reducing state support both for unemployment, and accident and sickness, it is important that people use a reasonable insurance to protect their life style or at least their essential outgoings such as mortgage and other essential expenses. If people donít have regular outgoings, then income protection insurance products that have no dependence on mortgage, loan or rents should be chosen.
Stuart Boseley, Director of Best Insurance stated that while Income Protection Insurance is by far the most useful and relevant protection insurance that people should be focussing on, there is a continued demand by people for life insurance and critical illness. He insisted that more should be done by the Income Protection Task Force to increase awareness of income protection insurance and remove any negativity that surround due to the latest PPI claims issue which have very little connection with a good stand-alone income protection insurance product.
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