Staying a step ahead – income protection

1 September 2021

Many of us are likely to know somebody who fell ill this year, suffered a bereavement or lost their job. We have seen firsthand the impact even a short absence from work or period of unemployment can have on our financial resilience.

And yet, nearly a third of respondents to a recent survey1 say they would only take out protection insurance if they fell ill themselves. It seems the pervasive attitude of ‘it won’t happen 10 to me’ is preventing people from taking  out vital cover.

Too little, too late?

Mortgage holders said they would only consider purchasing protection cover if they fell ill (31%), changed employment status (25%) or had an accident (24%). This would be too late to secure financial assistance from insurance,  as most policies do not offer backdated cover.  Despite these attitudes, the survey also revealed that one in seven (14%) survey respondents regretted not taking out a protection policy in the past.

Finding the right policy for you

Contrary to popular belief, protection  insurance doesn’t have to be hugely costly, and it can vastly improve your resilience to financial shocks.

1 MetLife UK, 2021

Source: Quilter Financial Planning – Essentially Mortgages Q3 2021

🚨 Data accurate as of the date of publication – 01.09.2021.

🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.

4.8/5 - (22 votes)

Do you need professional advice or a no obligation quote?

Ask us for a quote

Articles

biura w ogrodzie Garden offices: not just a pandemic craze
1 March 2024
In the heart of lockdown, with frustrated home workers seeking an escape from the kitchen...
Update on the Autumn Statement
28 February 2024
The Autumn Statement was delivered by Chancellor of the Exchequer, Jeremy Hunt, on 22 November...
właściciele nieruchomości BTL landlords plan to stay in the sector
26 February 2024
Despite bracing themselves for an 80% increase in the cost of borrowing, buy-to-let (BTL) landlords...
Insurance quote