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Income Insurance for UK Workers who simply cannot afford
to lose their jobs
A new survey by Providence Insurance has revealed alarming
gaps in the nation’s finances.
It discovered that half of all UK workers don’t have
an adequate financial back-up either through savings or
income insurance if they were unable to find employment
within a month of redundancy, with a third hoping to rely
on State Social Security benefits.
Workers in Wales and the Midlands were found to be the
least well prepared for redundancy. Only 37% of those in
Midlands said they would be able to cope and in Wales the
figure drops to 26%.
To combat this problem, they have today launched Income
Insurance, an income insurance policy that will provide
tax-free benefits of up to £1,000 per month in the
event of unemployment or disability.
Underwritten by the National Insurance and Guarantee Corporation
(part of Royal Bank of Scotland Group) and fully compliant
with The Association of British Insurers guidelines, Income
Insurance offers back to day one cover and a simple application
procedure that does not require medical examination. In
addition, its universal, highly competitive rating structure
will be attractive to all occupational groups but women
and those working in heavy manual occupations are the main
beneficiaries. For example, £1000 of tax-free monthly
cover against the risk of unemployment costs only £35
per month irrespective of one’s job, age or gender.
Furthermore, unlike Mortgage Payment Protection Insurance,
Income Insurance is paid directly to the policyholder and
is not tied to a mortgage, loan or other indebtedness. Accordingly,
the money may be spent on anything, which gives the policyholder
greater control of their life.
Commenting on the launch Providence Insurance, Managing
Director, Alan Davidson-Smith says, "All working people
and their families can now have peace of mind and a significant
financial resource at a moderate and pre-determined cost."
A view confirmed by the British Insurance Brokers Association’s
Chief Executive, Michael Williams who says, "Income
Insurance provides highly flexible, good value cover than
must be a serious consideration for the vast majority of
working people."
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