Security is something that many consumers value highly and consequently there are a number of financial services products on the market that aim to provide a level of protection when the unforeseen – for example long-term sickness or redundancy – happens.

Unfortunately over recent years, ironically a time in fact when job security has been hanging in the balance for large numbers of the population, the way that some of these products have been sold to the public has been called into question. It has been revealed that many Payment Protection Insurance products were not in fact fit for purpose.

For example while some consumers opted to take out such policies to cover mortgage, loan or credit card repayments if they fell seriously ill and could not work, they were not made aware of the fact that their policy offered little more protection against such an eventuality than statutory sick pay.

The PPI mis-selling scandal has caused people to question whether any policy that claims to safeguard them from the financial impact of losing their job or falling ill is worth paying for.

This is in many ways a great shame as, if chosen carefully, such products and the providers that offer them can alleviate some of the very great stress that people experience when they suddenly find themselves too sick to work.

What the last few years should have taught us is that when taking out any product with a bank or building society consumers should be absolutely certain that it is right for them and is going to meet their needs.

Consumers also need to research the providers themselves. This will give an indication of how reliable and open they are and also how good their service levels are. With products of this nature you have to be certain that in the event of having to make a claim you will receive fast, effective and fair service.

This is one of the things that we are very much aware of as a provider.

Overall my advice to consumers would be not to write off insurance plans that offer protection from some of life’s drawbacks like accidents, sickness and redundancy. But do your research and make sure you are completely aware of all of the details relating to the product you opt for to make sure it provides exactly the type of cover you actually need.

Andrew Townsley is chief executive of Kingston Unity Friendly Society