Employees ‘should check financial cover’

People need to ensure they have adequate finance in place should they need to take time off work, it has been claimed.

A spokesperson for insurance firm LV= explained that employees need to check with their employer what financial cover they would receive should they be away from the workplace, as not doing so could put them at risk of missing mortgage and bill payments.

“People don’t realise what strain it would put them under if they could not meet their regular commitments,” the spokesperson explained, noting that making sure cover is in place should be part of a “regular review” of their finances.

And she warned that many may not be able to survive without financial income for as long as they might think, stating that the average person would cope financially for no more than two months.

The comments come following a statement from LV= noting that many workers are unaware of the recent introduction of the Welfare Reform Act, which could help those struggling with financial difficulties such as bankruptcy due to being out of work.

By Tom Musk

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