Protection market lifted by job security concerns
Fri, 19 Sep 2008
As the economy continues to deteriorate, unemployment insurance protection policy providers are experiencing a growth in demand.

According to figures from the Office of National Statistics (ONS), the slowdown in the British economy has brought lower levels of employment and unemployment has risen by 12,000 to 1.62 million in the three months to May 2008.

The protection provider Paymentcare.co.uk however has found there to be a significant rise in enquiries from workers looking for cover if they were to lose their job . Shane Craig, Paymentcare.co.uk managing director, said: "We are being bombarded with enquiries from all sectors, and the common theme is that people are finding the cover offered by High Street lenders exorbitantly expensive."

He added that an increasing number of applicants had told the provider that even though they thought that payment protection insurance (PPI) was a good course of action to take, they simply could not afford the prices that the high street lenders were charging.
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