Payment protection 'crucial' as unemployment rises to highest level for 17 years

2.67 million now out of work

Unemployment has risen again and rates stand at the highest in 17 years.

Official figures for the last quarter of 2011 show that there were 2.67 million people unemployed, up 48,000 on the quarter.

Insurers said the figures show how important it is that consumers provide a financial safety net against being out of work.

John Pollock, group board director for Legal & General’s Risk businesses, said that an estimated two thirds (67%) of the population do not have any insurance such as mortgage or payment protection insurance to help them to continue to pay bills should they lose their job.

He added: "Insurance can play a crucial role in helping people keep their homes and maintain their standard of living if the worst should happen."

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