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Those facing unemployment 'need insurance advice'

By Marianne Straker, Wed 13 May 2009 - Published in Life Insurance

UK workers who desire protection insurance but facing unemployment should seek financial advice, it has been suggested.

Ian Williams, director of communications at price comparison website moneysupermarket.com, commented that it may now be too late for many people to buy a protection policy.

He added: "For those employed in industries at risk of redundancy, looking for any kind of protection insurance at this time may not be the best option as a claim may not be fulfilled if you think you might already be at risk of losing your job."

Mr Williams went on to say that in the current employment market it is worth noting that the best value protection products are being withdrawn from the market.

Earlier this week, the Chartered Insurance Institute predicted that large migrant groups are likely to join the over 50s as a major market for insurance and other financial services products in Europe over the next five decades.