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LV= comments on the fall in unemployment

19 June 2015 | LV= commentary

Myles Rix, Managing Director of Protection at LV= commented:

“The continued fall in the rate of unemployment is positive news for both workers and the UK economy. However, unfortunately, some of us may 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 those having to subsist solely on job seekers allowance would receive an income of no more than £73 compared to the average weekly wage of £488, which is an 85% drop in income. Many households would benefit from a back-up plan such as income protection, and the peace of mind it offers.

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."

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