There are some very worrying numbers released by the Office for National Statistics today. In a nutshell they can be summarised as follows:
1. The unemployment rate in the UK has increased to 8.1%, and in certain regions such as the North East, it has crossed the 10% mark.
2. Between June and August, the number of unemployed people increased by an additional 114,000 totalling to 2.57 Million which is a 17-year high
3. The most disturbing statistic is youth unemployment. The number of 16-24 years old who are unemployed has reached 991,000 in the last quarter. This means that about 21.3% of youth in the UK are unemployed.
4. The number of people on state benefits also rose by 17,500 in September to a total of 1.6 Million.
5. The UK economy and the employment market had a large amount of people who were part-time employed but working for more than 65 hours a week. The part-time employed really fuelled the affordability amongst the families. Worryingly, about 175,000 part-time workers lost their jobs and also about 74,000 people who were above 65 also lost jobs.
There has been wide spread criticism that the governmentís cuts are too much and too deep and it is negatively impacting the economy. If we are not careful, a whole generation will get wiped out in terms of jobs and future prospects.
As expected, the demand for short term income protection insurance has increased over the last few months. With most of the high street banks not selling payment protection insurances, especially the single premium payment protection policies, most people are looking towards high street brokers and online retailers like Best Insurance for their income protection and payment protection insurance requirements.
Kesh Thukaram, Director Best Insurance said that the unemployment figures released by the government are definitely disturbing but no one should be surprised as it was inevitable that unemployment would be high with the government cuts. What is becoming increasingly evident is that the number of new jobs created in the private sector is nowhere close to the jobs lost in the public sector, especially the part-time employment opportunities.
Best Insurance has a wide range of income protection and payment protection insurance products and apart from online i.e. through the Best Insurance website, customers can also buy income protection and payment protection policies by calling. Many benefits tend to stand to gain when they make the phone call as there are several insurers who do not want their income protection and payment protection insurances to be sold online. Hence, the top tip for people buying income protection and payment protection policies is to call before they make the decision to buy.
Income protection insurance and payment protection insurance are also commonly referred to as unemployment protection insurance or redundancy insurance. Most of the income protection insurance and payment protection policies come with an initial exclusion and people should watch out as their claim will not be paid if they make a claim for their income protection insurance and payment protection insurance policies within the initial exclusion period.
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