Consumers should consider income protection cover in current environment

Consumers should consider income protection cover in current environment News 2009

Having a safety net such as life insurance or income protection cover in place is one of the important financial arrangements consumers should consider in the current economic climate, it has been stated.

According to the Independent, it is in difficult economic environments such as the current one that the importance of having savings or an insurance policy such as income protection insurance becomes clear".

In a personal finance article aimed at those thinking of saving for their future, the newspaper stated that considering putting such protection in place is one of the things people need to take into account.

Income protection cover is especially vital in the current precarious job situation, which is predicted to deteriorate in coming months, pushing the number of people out of work to nearly four million.

This was highlighted last week by think tank Centre for Economics and Business Research, which stated that the government is optimistic in its forecasts of how the economy will perform.

Such optimism could lead to the underestimation of the unemployment rate, which currently stands at 2.4 million.

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