Given the current state of the economy in terms of impending recession and heightened job insecurity, now is the time to ensure that an income protection scheme is in place. Almost half of Britons, however, do not have any form of salary protection set up.
According to a survey conducted by Barclays bank, a substantial 47% of those that they surveyed didn’t have any form of income protection in place to cover them in the event of redundancy or the sudden onset of illness. This is a surprising statistic given the current tumultuous and unpredictable nature of the economy and the fact that job security has dipped significantly in recent months. An income protection policy is a prudent idea for any worker, not just those in more transitory roles. It is impossible to predict what the future has in store but with a comprehensive personal health insurance policy, you can rest assured that if you suddenly find yourself out of work or if you are no longer able to work, your family will benefit from the financial security of income protection. With this in mind, many people are expected to seek the advice of insurance brokers about including some form of salary protection schemes in their policy in 2015/16.
Income Protection – A Necessity not a Luxury
There are fears amidst the current financial crisis that many people are beginning to see life insurance and income protection policies as a luxury as opposed to a necessity. This is something that is backed up by the findings of the survey carried out by Barclays concerning life insurance and income protection. They revealed that 52% of those surveyed didn’t have any form of life insurance protection and when this is coupled with the 47% without income protection, it is indicative of the dangerous game being played by many in the UK, in the sense that they will not be covered should they experience redundancy, illness or even death.
Income Protection – Protecting the Family
It goes without saying that life insurance and salary protection will help in the event of redundancy or death and this is crucial in ensuring that a family’s financial future is jeopardised. The findings from the Barclays survey regarding personal health insurance and life insurance clearly elucidates just how under-prepared for a recession most workers in the UK actually are. As such, 2016 is likely to see many workers speaking to specialist life insurance providers about issues such as income protection.
Looking for Income Protection? Speak to The Insurance Service
The Insurance Service is one of the UK’s leading independent providers of insurance policies and was formed by Ian Johnston who has many years experience as an on line insurance broker and consultant. The Insurance Service’s ethos is that it strives to provide fair insurance policies in an industry dominated by a small number of major providers and decided to give more choice to those seeking insurance policies. To find out more about the health insurance and income protection policies available from The Insurance Service, just call 0845 053 3404 or fill in the on line enquiry form.