Risk Clinic: Protecting against redundancy

clock

My client Dave has very little disposable income. He is employed, but having seen friends made redundant through the recession, he has been spooked about his financial instability, although he has no indication that his job is at risk. He is single with no children, but wants to protect his mortgage and the financial basics, along with unemployment cover as a priority. What should he be looking for?

Andrew Ward, Yoursure Dave has been alerted to what could happen to him by the circumstances which surround him. With the prospect of uncertain growth for the UK and a possible ‘double dip’ recession, it is understandable that Dave wants to protect against losing his job. Environmental factors that are less obvious should be pointed out to Dave before he makes any decisions on how best to protect himself. His concerns may have been very different if the economy was the same as it is now but some of his friends had been unable to work due to accident or injury rather than unemployment (a...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Income Protection

Tom Baigrie: 'Insurers and distributors are failing to market IP'

'We need to pick up the pace'

Tom Baigrie
clock 16 November 2020 • 3 min read

L&G paid out almost £300m for group protection in 2018

Rehabilitation services

Adam Saville
clock 09 May 2019 • 1 min read

'One in five' UK businesses lack expertise to manage absence

Zurich research

Adam Saville
clock 04 February 2019 • 1 min read