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Legal & General comment on latest unemployment figures

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John Pollock of Legal & General says, "The jump in this month’s unemployment figures is not totally unexpected but unfortunately this does mean that job prospects are unlikely to improve next month. We will continue to see the impact of public sector cuts but in addition, there will be an influx of school leavers hitting the job market. The continuing threat of unemployment and ongoing inflationary pressures continues to put substantial financial pressure on households. Paying the household bills is the main worry for people and of those paying off a mortgage, 57% are already dipping into their savings to cover the mortgage payments. So losing a job or being unable to work due to illness or injury could quickly result in the financial position for many households becoming extremely difficult. This is where having some form of insurance protection can really help to ease the financial pressures. Insurance cover, such as mortgage payment protection, is able to help towards meeting the ongoing mortgage payments: income protection, provides an ongoing regular income and critical illness cover provides an important cash amount, all which could help provide a welcome breathing space. You should seriously consider what you would do if you became unemployed or seriously ill. Putting aside just a small amount of the household budget to arrange some insurance cover now could prove to be an essential lifeline in the future.”

Income protection insurance news: 19 August 2011

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