Brits Ignore Income Protection Insurance
The latest research carried out by Scottish Provident's Financial Safety Net suggests that more than half of UK consumers have no financial protection.
As such, 58% of Brits do not have income protection of unemployment benefit in place, whereas 31% will be obliged to reduce their expenses should anything happen to household's breadwinner.
According to experts at Scottish Provident's Financial Safety Net, Brits prefer not to purchase income protection as well as other forms of financial cover because they think it is too expensive. This reason was named by 39% of 2044 people who took part in the survey.
Commenting on the concerning figures, Ms. Barclay of Scottish Provident said that the firm is "launching the Financial Safety Net campaign in order to encourage more people ... to take action and put their own ‘financial safety net' in place." She highlighted that failure to purchase financial protection means that UK consumers are taking “substantial risk with their own and their family's livelihoods.”
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