Using Income Insurance to protect your finances could be one of the smartest moves you make this year!
The Confederation of British Industry (CBI) recently adjusted its economic forecast, believing that the UK is now entering a recession which could put hundreds of thousands of people out of work.
Contrary to their outlook given earlier this year, the CBI now believes unemployment will rise to over 2 million during 2009.
We are each responsible for managing our own finances and making sure we can survive difficult times, including threats to our health, income and families.
Whilst, as a nation, we continue to amass significant debt through credit cards and loans, we must start to be more proactive and take steps to examine our true financial positions and plan ways to help us manage if things go wrong.
It is unlikely that there will be as many new jobs available and there will be more people chasing them. Those who have already arranged income insurance cover against unemployment or who have a nice little nest egg put aside to help during the tougher times, will be feeling a little more at ease with themselves than others, as it will be extremely difficult to purchase products such as income protection or payment protection insurance policies once your employer has announced redundancies.
Despite changes to the income support for mortgage interest benefit, which will come into force next year, the vast majority of consumers will receive no help with their mortgage payments should they be unable to pay due to redundancy.
Income protection and mortgage payment protection insurance policies are not overly expensive when you consider the benefits they offer.
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