Just four numbers 4, 5, 6 and 7
Few of us consider what would happen to our lifestyles should an income stop and how we can protect ourselves from such a critical event.
Income protection is not purchased by a vast number of people across the UK, despite their income being key to their lifestyle and future wellbeing. This ‘protection gap' can be summed up with clarity in the numbers 4, 5, 6 and 7.
In November, an industry publication showed that just 4 in every 1000 workers (both self-employed and employed) have any form of protection insurance, excluding those on group protection schemes.
At its peak in 2006, this figure was still only 5 in every 1000, and last year congratulations were in order because the market had grown by some 6% on 2015.
Finally, just 7 in every 100 individuals with a mortgage, has income protection to secure their home, allowing them to continue to repay their mortgage, bills and other lifestyle costs should they be unable to work.
These figures really demonstrate how this simple product, that can play such a vital role when people are at a challenging stage in their lives, is critical and that these statistics are simply not good enough.
Contact John or Cara for further information - 01536 411144
Date: 16th March 2017