Protection industry experts have welcomed the recent fall in UK unemployment rates. But despite the buoyant job market, individuals are still being urged to remember that sudden ill health or disability could put their finances at risk.
Official government figures from the Office for National Statistics show that the number of people out of work in the UK in the three months to March was the lowest it’s been for seven years. Down from 5.6% the previous month, the current 5.5% unemployment rate means that the total number of individuals in the UK out of work is now 1.82 million.
This is the second-lowest unemployment rate in the entire EU after Germany and compares with the highest rates of 25% and 23% in Greece and Spain respectively.
Highest Employment rate since 1971
In the same period, more than 31 million people in the UK are now in work, which is the highest number since records began back in 1971.
Back-Up Plans Still Needed
The underlying threat of a prolonged period off work due to illness is always present, despite the high levels of employment being experienced in the UK right now. It can be easy to become complacent while things are going good and that’s something Myles Rix, managing director of protection at LV= was keen to emphasise:
“The fall in the rate of unemployment is positive news for both workers and the UK economy. However, unfortunately, some of us will be off work for a prolonged period of time at some point in our working life. A sudden loss of income would make it very difficult for most households to sustain their lifestyle and many would benefit from a back-up plan such as income protection, and the peace of mind it offers.”
He added: “Regardless of whether someone has a family or owns their home, every worker should consider how they would meet their monthly commitments if they were to find themselves unable to work and without an income.”
The governor of the Bank of England, Mark Carney, has already cut the UK’s growth outlook this year and has warned that productivity – the main driving force behind higher wages – remained weak.
Premier Choice is keen to remind all its clients the importance of having a financial back up plan at all times, just in case the worst does happen.
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