Comment on ONS stats
13 April 2011
Commenting on today’s ONS unemployment figures…John Pollock, Group Board Director for Legal & General’s Risk businesses, says:
“It is encouraging to see a fall in the latest unemployment figures released today. This may be a chink of light for some families who are still faced with financial and job uncertainties as a result of the current economic climate and continuing increases in VAT, food and fuel bills. We understand that with these pressures it is easy to dismiss the need for insurance thinking that is too expensive or that the state will provide.
In January the Department for Work and Pensions (DWP) released figures for those eligible for the Employment and Support Allowance (ESA). Only 22% of those assessed were deemed suitable for welfare support. This highlights the need for individuals to make sure they have the right cover in place to protect their income.
Our own recent research ** showed that the proportion of families with Family Income Benefit cover had declined from 22% in 2009 to 17% in 2011.and only a quarter of parents had reviewed their personal protection policies in the last two years to check that it still met their needs.
This is very worrying. With the continued cutbacks in welfare benefits, it is still so important that families make sure they review the insurance cover they have or seek financial advice, to ensure they have the right cover in place to meets their needs should the worst happen.”
** Source: Research commission by Legal & General with B different research of 1005 parents, across the UK, conducted between 4 and 13 January 2011.
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