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Corus job cuts make case for income protection cover

The latest developments at Europe's second-largest steel group Corus have once more underlined the importance of workers considering taking out income protection cover or accident sickness and unemployment cover.

Some 2,045 people working for the steel manufacturer have lost their source of income following the company's decision to cut costs, adding to the 2,500 already made redundant earlier in the year in south Wales.

However, those who had put in place fall-back measures against such eventualities with income protection cover or unemployment cover may not have to worry about finances.

Depending on the terms and size of the cover, the workers would continue receiving a percentage of their monthly salary from their insurer until a new job is found or get a lump sum that could be used to start their own business.

Engineering and office works at sites in Scunthorpe, Stocksbridge, Rotherham Teesside and Scotland are among those affected by the move, which comes following a sharp fall in global demand for steel.

Such developments coupled with the latest projections in the Industry Watch report by business advisors BDO Stoy Hayward that more business failures are on the way highlight the need for people to think of ways to safeguard their financial futures.

 

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