Thousands of people are facing the spectre of job losses with public spending cuts a priority for the new Government.
6:46AM BST 12 May 2010
Thousands of people are facing the spectre of job losses with public spending cuts a priority for the new government, but it's not too late to protect yourself financially.
Regardless of your profession, with so much economic uncertainty unemployment insurance can provide peace of mind that your outgoings will be covered even if you are no longer earning an income.
As long as your employer hasn't yet made any announcement on job cuts, then you can still buy cover, but don't delay. Public sector workers – currently some of those
most at threat as the incoming government seeks to reduce costs – could find it much harder to find unemployment cover as insurers are likely to see them as a higher risk than those in other occupations.
Paul Chohan, head of life insurances at comparison site Confused.com, said: "Providers aren't at the moment pricing on the basis of occupation per se, but some simply no longer insure some geographic locations or certain employers. It is likely that the public sector will become a focus in the near future and it could become more difficult to find policies."
Matt Morris, spokesman for LifeSearch, said that some insurers already seem to be restricting the cover they offer public sector workers.