Social changes promote the unemployment insurance policy
- 31ST JULY 2007
Having an unemployment insurance policy is very rarely at the top of a consumer’s to do list. There are a number of reasons for that, and none as important as the fact that the payment protection insurance industry has been under investigation since 2005. Many high street banks and lenders were slammed by the FSA for unethical practices in the sale of payment protection cover and many consumers have been wary of all associated covers, including the unemployment insurance policy, ever since.
However, circumstances surround the relevance of the unemployment insurance policy to everyday life have since changed, and the changes have made it more relevant to the average individual’s lifestyle than ever.
Many people are put out of work every year and struggle to find employment as a result of a lack of jobs and competition from cheap European labour from newly inducted European Union countries. The unemployment insurance policy actually guards against unemployment, thus ensuring one weight is lifted off an individual’s mind.
Although unemployment is rife, the inability of individuals to find a job following redundancy makes it evermore important that the correct payment protection cover in the form of a unemployment insurance policy, is in place. Over 1.7 million Britons were unemployed in June 2007, and the rates are still increasing. Major firms are making individuals redundant every day, and most of those individuals would be unable to pay off credit card and loan premiums.
The ethical British Insurance is just one of the firms that could offer an unemployment insurance policy to suit individual needs and protect against the worst without linking the policy to an existing debt. It would certainly give people peace of mind.
