Asda Life has revealed that there has been more interest in its unemployment cover products recently.
Britons are becoming increasingly interested in buying unemployment cover, according to Asda Life.
Many in the UK may feel that investing in such a policy would currently be wise, as the economy continues its downward slide. Even the government has now said that the country will enter a recession, defined as two quarters of negative growth in a row.
Unemployment figures have not provided much optimism either. Figures from the Office for National Statistics released last month revealed that the UK's unemployment rate had reached 5.8 percent, meaning 1.82 million people are out of work. Around the same time, the Confederation of British Industry (CBI) predicted that the figure will rise to nearly three million next year.
Matt Morris, Senior Policy Adviser at ASDA Life, said that there was "more interest in unemployment cover at the moment than there has been in a long time", adding that they had received more enquires about the policy type than ever before. However, he warned that "people should always double check the small print before buying".
Asda provided tips for people considering buying unemployment cover. It warned consumers that they may be led to believe they have to buy income protection insurance first, but they do not. Additionally, they should make sure that their qualifying period is as short as possible, because they will receive nothing if they lose their job during this time.
