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22 Dec 2024
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BCE data underscores need for income protection insurance

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Need for income protection insurance

People thinking of obtaining income protection insurance or unemployment cover may be making the right move in light of findings from the latest British Chambers of Commerce (BCE) economic survey.

According to the survey of 5,600 businesses across the country, the worst part of the recession may be over but many sectors in the country are not out of the woods yet as the economy continues to suffer.

The manufacturing and service sectors seem to be making some progress compared to the last quarter but their continued recovery will be largely dependent on government moves, the BCE said.

Despite some confidence in the sectors as far as jobs are concerned, the BCE is projecting that unemployment will hit 3.2 million people by mid 2010, which means ten per cent of the workforce will be affected.

These figures should act as an incentive to make those who have not considered putting in place measures to protect their financial future such as unemployment cover do so.

Accident, sickness and unemployment protection is especially recommended for those with dependants or debts such as mortgages because it ensures bills continue being taken care of until a new job comes along.

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BCE data underscores need for income protection insurance