With future unemployment figures looking bleak, consumers are being encouraged to look beyond the payment protection insurance mis selling scandal and put a financial safety net in place in case the worst happens.

According to The Centre for Economics and Business Research by 2016 over three-million people could be out of work.

Yet despite these terrifying figures many consumers are reluctant to pay for cover following the nationwide scandal surrounding payment protection insurance, or PPI.

PPI was sold to millions of customers who took out a loan or credit card. Whilst its intentions were good - to protect customers should they become unable to meet their monthly repayments either through redundancy, illness or an accident – its execution was poor and for many such a policy was all but useless.

However whilst the mis selling was bad enough, PPI’s negative connotations have now tarnished similar protection products, leaving many vulnerable in unpredictable times and thus running the risk of costing them twice.