Over 17million workers are worrying about job
security according to a survey undertaken by online income protection insurance
provider, British Insurance.
The firm says 59% of workers are fearful of
redundancy, up 7% from last year, and 8% higher than when research was first
commissioned in May 2010.
Despite increasing nervousness around future
earnings, fewer workers have plans in place to prevent debts escalating if
their salary goes. In May 2010, one in five had unemployment insurance, now
only 14% do.
The remaining 86% plan to bridge any income gap
using; savings, family, state benefits, credit cards, the Lottery or they don’t
know what to do.
Nel Mooy of British Insurance comments: “It is
advisable to have insurance to replace any future lost income without dipping
into savings or falling into debt. People are realising online firms offer more
Although only a small percentage of workers have
income protection – an increasing number are buying cover online, following the
Competition Commission’s recommendations to source policies independently from
their credit arranger.
Income protection insurance news: 2 December 2011