Public Sector Employees Facing Redundancy Should Consider Unemployment Insurance
With the recession officially over and 0.5 percent growth in the last quarter of 2009 you might be fooled in believing that unemployment is a thing of the past.
The grim truth is that every day up and down the country people are still losing their jobs in the thousands.
For the Public sector this must be a worrying time. Whoever gets into power come the elections in May, will make public sector job cuts their first priority in order to reduce the massive National debt accrued by so called quantitiive easing.
Civil Servants need to ACT NOW! if they are to protect themselves from redundancy come the Summer of 2010.
Dennis Haggerty Fellow of the Chartered Insurance Institute (FCII) from lifestyle protection company
iprotectinsurance explains.........
Up until now, Public Sector jobs have largely escaped the ravages of the recession. Although for Defence related jobs, budget cuts have already begun to bite. Because of this, many Mortgage Protection and Income Protection Insurance providers are currently turning down applications from people who work in the Defence industry, believing they now represent an exceptional level of risk. What is meant by risk? The Underwriters think in terms of the number of redundancies made by a specific employer proving much higher than average. The same view is taken about people working for several Councils currently implementing staff reductions.
"Therefore, it is probably the last chance for the majority working in the Public Sector to buy this type of insurance, before the deep post election budget cuts begin."
State benefits are pitiful compared to the real cost of living for the average family or young couple living in the UK today. When denied their ability to earn a living wage by accident, sickness or unemployment, everyone needs money to fall back on. The fortunate have savings, however the majority will find themselves in real financial trouble within weeks. Research published in 2008 established that most people of working age have less than 2 months wages saved, with 25% reported to have nothing at all. This applies equally to Public Sector employees. Therefore, having an insurance policy that covers all important bills whilst out of work, makes a great deal of sense. For those that need this insurance, get it now before the Underwriters say 'no thanks' to all Civil Servants, Local Authority and Health Service employees.
For anyone employed full time (at least 16 hours per week) in the Public Sector and where there are not any reports of any impending threats to jobs, it would be prudent to consider getting a quote right now. If a Government Department or Council for example, has made an announcement regarding cut backs, a recruitment freeze or layoffs, it is probably too late to buy this cover. Without any doubt, now is the time to get a low premium deal, rather than wait for this cover to rocket in price, or applications to be simply denied altogether.
Even those who already have this type of insurance, perhaps just covering a mortgage or a single loan, should check if they have sufficient benefits. For working couples, particularly where the main wage earner is employed, say, by a Local Authority, it could be prudent for them to take out additional low cost cover whilst it is still on offer.
Mortgage Payment Protection Insurance (MPPI) is designed to cover monthly mortgage payments and can usually be increased by up to 25% to contribute toward other expenses related to the home.
Income Protection Insurance (often called
Lifestyle Protection) is very similar to MPPI, however it is designed to replace the majority of net income if the person insured is unable to work. As it pays out for up to a year it is more accurate to describe this as short term income protection insurance. It is not limited to mortgage repayments. However many providers cap their maximum monthly benefits at £1500, some £2000. It is rarely more because the Underwriters make the assumption this would be enough for most buyers to pay their monthly bills.
Most buyers tend to be only be interested in unemployment cover in the mistaken belief health related benefit is less important for them. However there are relatively few providers of unemployment only cover and frequently their competitors will offer full Accident Sickness and Unemployment cover for less! More importantly with 2.4m people in the UK claiming Disability Benefit (Dept of Work and Pensions 2008) the risk of health related claims is greater than many think.
The best rates are available on line where Income Protection and Lifestyle Protection Insurance can be bought without the expense of telephone sales or high commission to inflate the price. Moneysupermarket are a good source of comparison quotes, howeve
r the summary of cover should always be read very carefully to ensure what each provider offers for the price, really is like for like.
A web based comparison service is provided by the FSA. This is entirely independent and not trying to sell anything. Their tables also include quality measures, although as a result they are quite complex and therefore not easy to use. However they represent a good place to research a shortlist of suppliers to compare quality as well as price.
Applying for Income Protection, Mortgage Protection or
Payment Protection Insurance on-line is a great way to save money. However the acceptance criteria applied by different underwriters varies. If applying on-line does not work out, it may simply mean the applicant is one of many who need advice regarding what to buy.
Labels: income protection, lifestyle insurance, mortgage protection, mortgage protection insurance, Quantitative Easing, redundancy insurance, UK government, unemployment, unemployment insurance
A History of UK Unemployment Insurance
Unemployment Insurance has hit the headlines recently, mostly due to a rise in demand due to the recession, but also due to misselling of payment protection accident, sickess and unemployment insurance and the subsequent flood of claims.
As a concept the first type of Unemployment Insurance available in the UK was created by the Liberal Goverment of Lloyd George with the passing of the National Insurance Act in 1911.
The bill was introduced mainly to protect the two point five million workers in manual trades who along with their employers were required to pay into a central fund to cover the claims.
The payments were calculated on a sliding scale up to a maximum of seven shillings a week.
The cover period for which claims could be drawn was limited to one fifth of the period of contributions.
In other words you had to be in work and paying contributions or premiums for five years before you would be covered for unemployment that lasted a year.
The unemployed who did not qualify for cover or who had not been in work long enough had recourse to the Poor Law authorities which inevitably at this time still meant the workhouse for many unfortunates.
High premiums and poor cover, not a very good effort for the first Government led insurance scheme, but it did offer some protection to those in work, and coupled with the social change of the Edwardian period led to a new sense of Government social responsibility and a working class mentality that became the foundations of the Labour Party and eventually led to other social provisions such as the NHS.
This National Unemployment Insurance scheme proved to be inadequate to provide for the large numbers of unemployed and returning demobilised military, that followed the end of the First World War in 1918.
A temporary scheme of unemployment relief was designed to combat the suffering, which was known as the 'Out of Work Donation'.
This enabled a much larger payment of 29 shillings a week for men and 24 shillings for women to be made to claimants, with additional allowances for dependents, to most adults who registered as unemployed.
This was available for a strictly limited period, but the Government was forced to grant extensions as more and more servicemen were demobilised.
In 1920 the Unemployment Insurance Act was passed amid an mini economic recovery. The Act extended the provision of the 1911 Act to most workers earning less than £250 per year.
The period in which money could be claimed was shortened to one sixth of the period of payment contributions and for the first time a maximum cover period, during which benefits would be paid was set to 15 weeks.
The UK Economy changed radically for the worse early in 1921 and by the middle of the year unemployment exacerbated by the coal strike, was close to 20 per cent. Under these conditions, the contributory system and the one in six rule were untenable given the threat of political instability and civil unrest among the unemployed.
The Unemployment Insurance Act of March 1921 relaxed the 'one in six' rule by providing for the payment of 'uncovenanted' benefit without previous contributions. The intention was that benefits would be paid for a maximum of 32 weeks.
The 1921 Act also introduced for the first time what were effectively 'policy conditions' a 'seeking work' test for those claiming benefit.
Claimants had attend a labour exchange and show that they were genuinely seeking work and were obliged to accept any work paying a 'fair' wage - whatever that means!.
In February 1922 further conditions were introduced by way of a means test, aimed at restricting benefit payments. Some groups, such as single adults living with relatives, could be excluded unless it would cause serious hardship.
So what has gone wrong with the system of Nationalised Unemployment Insurance?
Jump forward sixty years to 1979 when Margaret Thatcher duped the nation into electing her with her infamous Labour isn't working campaign...
...only to return Britain to the largest number of Unemployed since the 1920's.
Under the Conservative Government of the 1980's the number of claimants for unemployment insurance far outweighed the resources being paid into the risk pool.
Civil unrest spread to every corner of the country in 1981 as the great unemployed sought vengeance on the Tory elite.
Unemployment Insurance now had to cover many millions who had never contributed to the system, not just those who had worked all their lives and paid their premiums. Fortunately for Mrs Thatcher she was able to pay for her mismanagement by squandering the proceeds of North Sea oil and keeping most of the nation at subsistence level.
So little had changed in sixty years. Out of this mess in the late 1980's was born a new private market for mortgage protection insurance for unemployment, aimed at the new home owing working classes and middle classes; and initiated by the banks and building societies, primarily to ensure that their mortgages got paid should the home owner lose their job.
Most of these policies were flawed in their design and have been subject to recent criticism leading to the mis-selling findings by the Competition Commission and large fines by the FSA.
To counter this the insurance industry came up with an income protection policy designed to protect the insured against unemployment for a fixed period and a fixed amount commensurate with the level of premium.
National Unemployment Insurance still exists in the form of job seekers allowance or income support whatever they wish to call it, today pays out very little, is still means tested although everyone has to still pay 'national insurance' contributions and has an excess period of 13 weeks before you can claim.
One thing that hasn't changed in nearly 100 years is that, if you are unfortunate enough to become unemployed - you can't rely on the Government to cover you!
In the current recession it is wise to protect yourself against unemployment with
income protection or
lifestyle insurance.
Very reasonably rated polices are available from independent suppliers such as Personal Accident.
Labels: income insurance, income payment protection insurance, income protection, income protection insurance, redundancy insurance, UK government, unemployment insurance
There's a lot more to Health Insurance than just Medical Costs!
So what's left for the IFA's to sell us then?
Mortgages - only if you've got 30% to put down!
Life Insurance - people are only looking to downsize covers!
Loans? You'll be lucky!
PPI a product that should be selling well during the current economic times, is dead in the water due to bad publicity and PPI Claims farmers.
Health Insurance?
Hmm Maybe?
Health Insurance is in the limelight at the moment thanks to a bunch of redneck yanks using the NHS as an example of everything that is wrong with the State interfering with healthcare.
However, like it or not we will soon see a swing to the right in UK Government and with this will inevitably come cutbacks in State funded healthcare.
Many savvy Health Insurance compamies are well aware of this window of opportunity for selling 'new' health insurance products - expect to see ads on the TV very soon!
However as pointed out in a recent ezine article there is a lot more to wholistic personal insurance protection than just medical expenses cover.....
Five Ways to Protect Your Health and Wealth With Insurance Against SicknessIf you are unfortunate enough to suffer an illness, sickness or an accident at any time in your life, the consequences can be far reaching and affect your lifestyle and family for perhaps months or years into the future. Primarily you will require immediate treatment and care for the accident or illness. You will also need to consider how to meet your financial commitments during a period of hospitalisation and recovery. Furthermore it is wise to be recompensed for the unfortunate loss of bodily functions or if your contract a chronic or life critical illness.
Five ways to protect yourself and your family against sickness with Insurance:
1. Protect your personal health with Private Medical InsuranceMedical or Health Insurance is often called Private Health Insurance, Private Medical Insurance or PMI in the UK. This type of cover provides quicker access to specialist consultants, hospital treatment and rehabilitation services, and is designed to cover the costs of and arrange remedies for treatable short term or acute accident or sickness. It is however often restricted to hospitals owned by the particular insurance group. PMI is primarily bought to receive quicker treatment in nicer surroundings than is offered by the state system. Many policies allow you to top up cover should you require additional treatment. Levels of indemnity or cover limits are quite often determined by the price you pay as a premium. Policies are often sold with varying levels of cover under banners such as Silver, Gold and Platinum cover, and covers are extendable to other members of the immediate family.
Many UK employers provide what is known as Group Health Insurance plans as health care and medical cover for their employees, however this practice has declined since this became a taxable benefit. It is important to note that nearly all of these types of medical insurance policies exclude pre-existing conditions and are designed for treatable conditions only.
2. Protect your body with Personal Accident Insurance CoverPersonal Accident Insurance or PAI as it is known covers the loss of various body parts and pays out a lump sum designed to help ease your immediate suffering. Each limb or organ is priced and if you are unfortunate enough to lose for example an eye, you will receive the commensurate agreed benefit amount for the loss of the eye. Many policies also pay out a lump sum on death.
3. Protect your lifestyle and wealth with Personal Accident and Sickness Insurance
Often known as ASU, these products provide a lump sum of money each month if you are unfortunate enough to have an accident or be sick, whether hospitalised or not, allowing various expenses and costs of your life style to be protected while you are ill and recovering. These include
income protection for your earnings, mortgage and loan protection for your debts and monthly outgoings and the more encompassing lifestyle insurance to protect all your finances, when you are sick. These type of policies pay out an agreed monthly benefit commensurate with the amount of cover required.
4. Protect your future with Critical Illness Insurance
Basic medical insurance is designed to cover short term illness only. Critical Illness or dreaded disease polices are a recent innovation in the UK Health Insurance market, having originated in South Africa. You are covered under this type of policy if you are struck by one of a number of specified diseases, many of which are terminal and for that reason critical illness insurance is often sold as a bolt on cover with a life insurance policy. Examples of the types of critical illness covered are Cancer, Heart Disease, Strokes, Parkinson's, and Multiple Sclerosis, to name but a few.In the event of a claim, as with personal accident and sickness cover, you will receive a lump sum to help with the costs of the illness. When sold as part of a life policy the lump sum payable on death is often reduced if there has been an earlier critical illness claim.
5. Protect your family with a hospital bed with Health Cash plans
Health cash plans where you make regular payments into a specific medical fund which entitles you to claim if the need occurs. These cash plans have been available for some time in the UK and have been particularly popular in the areas of optometry and dentistry which are mainly privately funded outside of the NHS. Recent innovative more affordable
health insurance hospital cash plans are becoming very popular, mainly because they allow access to all the hospital services that are available under a standard medical insurance policy except that you are not tied to one hospital provider of medical supplier to provide that service.
As with all Insurance products it is now very straightforward to shop around and compare prices on the Internet. Each individual will have varying cover needs and it is important to compare insurance covers as well as premium prices. It is very important with all health and personal protection insurance policies to read the small print and online documents to be sure that you understand the exclusions to each particular health care coverage.
For more information and advice on all aspects of medical insurance visit
UK Health Insurance. Compare
health insurance quotes and various plans online.
Article Source:
http://EzineArticles.com/?expert=Dave_HealeyLabels: Financial Advisors, health care, health insurance, health insurance quotes, IFAs, income protection, NHS, Personal Accident, Private Medical Insurance, UK health Insurance
Should Obscene Domains be Banned by Nominet?
At Insuranceblog we own many insurance domains bought through the UK registrar and trust Nominet. We found this press release today from a UK
Income Protection Insurance Company who have been having trouble registering their company domain with Nominet, and whilst trying to do so found out that its easier to register muslimterrorists.co.uk or childp**n.co.uk. than an insurance company domain
Hmm!
Here's the full story -
Nominet domainsLet us know your thoughts!
Should obscene domain names be banned or is this freedom of speech?
Labels: income protection, Insurance companies, insurance domain names, insurance marketing, Nominet
Accident and Sickness Insurance for the Self Employed
Accident and Sickness Insurance For the Self Employed
If you are just starting out in business or have been self employed for some time you should consider protecting not just yourself, but also your home and family against the possibility of you having an accident at work or home, or perhaps getting sick for a long time and not being able to work.
Both of these risks happen every day to someone unfortunate and it would be a brave person to jeopardise their home and business when accident and sickness insurance is widely available online to purchase in an instant cover that has been specifically designed for the self employed, and would remove all those worries.
Accident insurance is always sold as a policy in conjunction with Sickness insurance. This can usually be purchased individually as what is known as a disability cover or bundled up in a group of insurance products usually known as ASU (Accident, Sickness and Unemployment) or as Protection Insurance, commonly known as PPI.
When you purchase accident and sickness cover, you purchase levels of protection as units of what is known as monthly benefit. So for example if you need 1000 units of monthly cover you pay by the percentage rate cover unit determined by how old you are.
Typically a thirty year old in the UK who buys disability insurance from a well known independent supplier, will pay as little as GBP18 per month for GBP1000 worth of benefits, should they get sick or have an accident, leading to missing time off work.
ASU can be particularly cheap for self-employed persons if bought without the unemployment element of cover, which has significantly increased the cost of this type of cover in the near past due to the economic crisis.
Working for yourself is hard enough work alone, without having to worry about where the money is going to come from to pay the bills if you have to stop your business dealings for any time due to an accident or sickness.
Protection Insurance products such as mortgage, lifestyle and income protection, all offer peace of mind and cover for anyone who works for themselves or as a contractor, and is not covered by any existing employer accident compensation.
Be aware that any long term pre-existing medical condition usually excludes you from purchasing Payment Protection Insurance or Sickness Insurance cover.
Shop around the independent providers of ASU for accident insurance, as there are always good deals to be had in this very competitive market
Sickness Insurance and
Accident Insurance for the self-employed can be purchased quickly online from leading UK companies.
Originally publishedat :
http://EzineArticles.com/?expert=Dave_Healey http://EzineArticles.com/?Accident-and-Sickness-Insurance-For-the-Self-Employed&id=2441903Labels: accident insurance, ASU, health insurance, income protection, mortgage protection, self employed insurance, sickness insurance
Mis-Sold Payment Protection Insurance? Claim It Back Now!
Have You Been Mis-Sold Payment Protection Insurance?
If you took out a loan, mortgage or credit card from a bank or building society in the UK the chances are that you were mis-sold payment protection insurance or PPI as it is often known. The law has now changed and it is possible to reclaim all your payments in full plus in some cases, damages, usually at no cost to yourself through a so called no win no fee agreement..
The types of policies that were mis-sold were
mortgage protection, loan payment protection insurance, Credit card insurance and in some cases and
income protection.
Whether you qualify to claim depends very much upon when you were mis-sold the policy. The new law only covers payment protection insurance policies sold after January 2005. However, many lawyers will pursue on you behalf policies sold before the cut off date, and in many cases recover your payments. there are numerous no-win no-fee law firms starting up to pursue these errant banks and lenders through the UK courts in what has become a multi-billion dollar business.
The good news for the claimant is that these law firms handle everything for you and the only contribution you have to make is confirming the mis-selling took place and banking the check.
You are eligible to claim through the UK courts against a lender who mis-sold you payment protection insurance if you can satisfy any one of the following 13 conditions.
1. The PPI was added without your express agreement or knowledge.
2. The sales staff or person selling the mortgage or loan insurance was coercive, pushy and strongly advised you to take out the PPI cover.
3. You were told you had to take the payment insurance.
4. You were told you could not get the mortgage without MPPI.
5. You were told you could not get the loan without loan payment protection insurance.
6. The cover you were offered was included in the loan or mortgage
7. You knew you were soon to be unemployed.
8. You were self-employed when the payment protection was sold to you.
9. You were retired or over the age limit for PPi cover which is usually 65.
10. You were not asked about any pre-existing medical conditions that you may have suffered from.
11. You were not told that pre-existing medical conditions could affect your insurance cover.
12. You were not informed that the UK's two largest problems for time of work, namely stress and back problems were excluded from the insurance/ or you informed the lenders staff about your medical condition but was not warned that this would affect the protection insurance cover in the event of a claim.
13. You were not asked if you already had any existing mortgage protection or loan insurance in place elsewhere or employer benefits that would cover my repayments.
If any of the above instances apply to you , you have probably been mis-sold payment protection cover and need to contact a solicitor or specialist lawyer who will claim on your behalf. Act now as there may well be additional time limitations put in place as the number of claims rises.
To learn more about
mortgage protection insurance and how to make a successful claim visit Personal Accident plc.
For the latest news of the cheapest
payment protection insurance available from independent UK suppliers visit the Payment Protection Insurance News website run by specialist provider Burgesses.com.
Insurance Blogger would like to thank Dave for the original Article Source:
http://EzineArticles.com/?expert=Dave_Healey http://EzineArticles.com/?Have-You-Been-Mis-Sold-Payment-Protection-Insurance?&id=2417542Labels: claims, cover, income payment protection insurance, income protection, loan protection insurance, loans, mortgage, mortgage payment protection, mortgage protection, mppi, PPI
What a bunch of Bankers! UK Banks challenge PPI ruling
Feelings are running high this morning in the Payment Protection Market and the consumer pressure groups with news that Barclays and Lloyds TSB are challenging the Competition Commission's ruling to ban the sale of Payment Protection Insurance at the time of sale of a loan mortgage or credit.
Insurance Blogger thinks this is outrageous after years of expenditure on the investigations by the FSA and Competition Commission and others, and the subsequent fines for misselling, that any institution, let alone a largely Government owned institution Lloyds Bank, should have the right to challenge any such decision!
Payment protection insurance lobbyist Sara-Ann Burgess from
specialist payment protection insurance company, Burgesses confirms our viewpoint. She said "
These institutions are without morals and intent on putting profit ahead of consumers' interests."
"This latest move is a bid by the banks to continue making billions of pounds in profits in order to prop up other failing business areas.
"We all know PPI mis-selling is rife amongst High Street lenders and their resultant profits are obscene. These delaying tactics, lodged to stop the ban going ahead in October 2010, only serve to prove just how shameless these firms are and the extent they will go to protect their 'cash cows'."
The UK Protection Insurance sector takes over £5 billion in premiums every year and around 90% of the premiums goes in profit to Banks and Building Societies.
In 2006, the Competition Commission reported the 12 largest distributors made profits of GBP1.4bn - before the recession kicked in and demand for unemployment insurance protection and income protection insurance policies grew.
After a lengthy investigation into anti-competitive practices, the Commission announced in January a series of measures to lower prices and widen choice in the PPI sector.
These included:
axing single premium PPI and replacing with monthly payments.
a seven day ban on selling cover alongside credit.
a requirement to offer PPI separately to credit.
The Financial Ombudsman Service predicted some 30,000 payment protection insurance mis-selling complaints would be received by the end of March this year and confirmed the majority of them can be traced back to High Street lenders.
It upholds at least 90% of cases and in the case of one lender, 100%.Sara-Ann Burgess concludes: "How can you on the one hand say banks are working to restore confidence and then on the other have two major players challenging decisions in order to maintain gigantic market shares and prevent freedom of choice? Actions are certainly speaking louder than words. These lenders are damaging the financial well-being of consumers and will continue to do so. What's equally insulting is the fact that Lloyds is paid for by taxpayers and our money is being used to ensure we continue to be ripped off."
Insurance Blogger couldn't agree more! The banks created the current recession by the misselling of mortgages and piggybacked missold mortgage payment protection insurance, and now they are trying to retain their ill gotten share of a market that wouldn't exist if they had done their job properly in the first place.
BancAssurance is a French joke - Keep your noses out of Insurance - Bankers!
For those of you still in a job, we wholeheartedly recommend Burgesses
Unemployment InsuranceLabels: Banks, income protection, income protection insurance, lifestyle insurance, loan protection insurance, mortgage payment protection insurance, mortgage protection, mppi, PPI, unemployment insurance
iProtect assure Income Protection Insurance clients are covered for Swine Flu
Specialist provider of lifestyle insurance and income payment protection insurance products,
iProtectinsurance.com have today not only assured their existing customers that they are covered for swine flu and it's after effects, but have also issued a rallying cry to those worried about whether they are covered or not, to switch any ASU policy today at no cost and with no exclusion penalties - you might even save a lot of money!
Spokesman for the company Dennis Haggerty said
"At
iprotect we have always refused to sell Unemployment insurance without it being combined with Accident and Sickness cover as well. This is because our statistics show some of the most expensive and long running claims are for sickness. It is really the only way to be fair to customers to ensure they are covered in of work for any form of involuntary unemployment, not just redundancy.
Despite the recession and the huge increase in unemployment, still some 40% of the claims we receive are for Accident and Sickness related absence from work. Some of our past claimants have been so unwell they could not work for close to a year. The Swine Flue outbreak is a reminder to us all why it is important to have
Accident Sickness and Unemployment cover, Further, if people become infected and potentially seriously debilitated by damage to their lungs and internal organs, quite possibly they could be many months off of work.
Modern medical science may avoid deaths in the UK, but if the strain mutates and prevents its victims returning to work, it is some comfort to know that at least the bills will be paid and benefits paid under their iprotect policy prevent their family finances spiraling out of control."
InsuranceBlogger has had a good look at the iProtect website. It's very easy to use particularly if you are looking to switch or combine covers or policies. The ratres are some of the most competitive on the market and their lifestyle insurance offers exceptional cover at very cheap rates.
Labels: accident insurance, ASU, income insurance, income protection, income protection insurance, lifestyle insurance, mortgage protection, swine flu, unemployment insurance
RBS to shed 4,500 jobs over next two years
RBS has begun consulting Unite and other employee representatives about a business plan for its back office operations that will regrettably involve job losses, 4,500 of which being UK based.
The plan could affect up to 9,000 Group Manufacturing roles globally, including 4,500 in the UK, over the next two years.
However, the actual number of jobs lost is expected to be significantly lower than this.
A redeployment programme has already identified 650 new job opportunities in the UK and the impact will also be reduced through natural turnover and less use of agency staff.
RBS will make voluntary redundancy arrangements available which may suit some of the staff affected by this announcement. RBS agrees with Unite that compulsory redundancies should be a last resort.
The business plan, which involves a number of other cost-saving initiatives including moving to a common technology platform, will help RBS achieve its target of reducing annual costs by £2.5bn within the next three years.
It is not yet known what impact will be felt by the Insurance group which is responsible for bramds such as Churchill and Green Flag to name but a few.
Income Protection InsuranceLabels: credit crunch, income protection
New face for the High Street as Unemployment worsens
We hope you had a good Christmas and everyone at Insurance Blog hopes you fare better in the New Year!
But looking at the news and the statistical analysis, it looks like 'Things can only get.....worse.
Yesterday the Chartered Institute for Personnel and Development predicted that unemployment will rise by 600,000 over the next year and with a further 400,000 temporary workers unable to find employment, by this time next year more than 2.8 million people will be officially unemployed. The CIPD predicts that the majority of the job losses will be before Easter, with 1600 people per day losing their job.
The future looks particularly bleak for the high street shops and the fall of Woolworths and their 27,000 employees on the dole, may look very small by Easter if the High Street manages to disappear at the rate it is shrinking - faster than the Polar Ice Caps. There will be an inevitable knock on effect for some
High Street Insurance Brokers and the numbers are likely to shrink at the same rate as the rest of the retail market is collapsing!
If you work in retail we strongly recommend that you act quickly to take out
income protection insurance. You will have to wait three months in order to claim as a matter of course, so act now! you can't rely on state benefits to maintain your lifestyle through this economic crisis!
Labels: credit crunch, income protection, income protection insurance, unemployment insurance
UK Unemployment Figures Highest Since 1997
The official umemployment figures have just been released and show that unemployment has risen to 1.86 million for the first time in eleven years or since Mr Blair's New Labour came into office to form the current government.
The analysis shows that the worst hit areas are in the temporary worker sector where businesses are cutting back on staff due to rthe credit crunch.
The worst hit group of people where unemployment has hit hardest is for the young. Under twenty fives are coming under increasing unemployment with one in seven unemployed, and it is extremely hard for someone just leaving education to find employment. Over 1 million people are claiming jobseekers allowance.
You can protect yourselves against the risks of unemployment in 2009 by purchasing a variety of
unemployment insurance or
redundancy insurance solutions. Independent suppliers offer a range of products for income and lifestyle protection
Labels: credit crunch, income protection, unemployment, unemployment insurance
Income Protection - Caveat Emptor
Insurance Blog regular contributor and UK Insurance Guru, Paul Magus, has written a very interesting article for those thinking of purchasing Income Protection Insurance in the modern economic environment....
"If you are afraid of becoming unemployed or are thinking about purchasing Income Protection Insurance in the UK, then take notice of the five things they don't (or may neglect to) tell you about when selling you an income insurance policy."
You can read the article in full at
Income Protection Insurance - 5 things they don't tell you when you buyEssential information for those considering purchasing
Income ProtectionLabels: income protection, income protection insurance
