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Employees should take out income protection insurance
26 June 2008
As the credit crunch threatens jobs in the UK, employees are encouraged to take out income protection, according to Fool.co.uk.
With jobs being lost in the retail and finance industry due to the effect the credit crunch has had on the global economy, workers should consider financial protection against redundancy.
David Kuo, head of personal finance at Fool.co.uk, said: "With the credit crunch nibbling away at economic growth, protection from redundancy may be more of a priority. Consequently, protecting your income will provide some peace of mind."
By shopping around employees can discover the best deal which is most appropriate to their needs and offers the necessary protection.
"Shop around for the best deals, and make sure you read the small print to make sure you know what you are covered for and what exclusions apply," said Mr Kuo.
Research by Fool.co.uk revealed that consumers spend over £1,500 on insurance each year but are not aware how much cover they have.
